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Home My WebLink About13-7050 Supreme Colin-Of Pennsylvania ' Q M \n Pleas i • ,• het For Prothonotary Use Only: Cumberland County Docket No: The information collected on this form is used solely for court administration purposes. This form does not supplement or replace the f ling and service of pleadings or other papers as required by law or rules of court. Commencement of Action: ❑Complaint El Writ of Summons ❑ Petition Q Notice of Appeal S ❑Transfer from Another Jurisdiction ❑ Declaration of Taking E C Lead Plaintiffs Name: Lead Defendant's Name: T Deerfield Development Company, LLC Cumberland County Board of Assessment Appeals I ❑ Check here if you are a Self-Represented(Pro Se)Litigant j 0 Name of Plaintiff/Appellant's Attorney: John J.Murphy III,Esquire N Are money damages requested? : []Yes ❑X No Dollar Amount Requested: within arbitration limits (Check one) outside arbitration limits A Is this a Class Action Suit? ❑ Yes I@ No Nature of the Case: Place an"X"to the left of the ONE case category that most accurately describes your PRIMARY CASE. If you are making more than one type of claim, check the one that you consider most important. TORT(do not include Mass Tort) CONTRACT(do not include Judgments) CIVIL APPEALS ❑ Intentional ❑ Buyer Plaintiff Administrative Agencies ❑ Malicious Prosecution ❑ Debt Collection:Credit Card ❑x Board of Assessment ❑ Motor Vehicle ❑ Debt Collection:Other ❑ Board of Elections ❑ Nuisance ❑ Dept.of Transportation ❑ Premises Liability ❑ Zoning Board S ❑ Product Liability(does not include ❑ Statutory Appeal:Other mass tort) Employment Dispute: E [] Slander/Libel/Defamation Discrimination ❑ C ❑ Other: Employment Dispute:Other Judicial Appeals T ❑ MDJ-Landlord/Tenant I ❑ Other: ❑ MDJ-Money Judgment O MASS TORT ❑ Other: ❑ Asbestos N ❑ Tobacco ❑ Toxic Tort-DES ❑ Toxic Tort-Implant REAL PROPERTY MISCELLANEOUS ❑ Toxic Waste ❑ Ejectment ❑ Common Law/Statutory Arbitration B ❑ Other: ❑ Eminent Domain/Condemnation 11 Declaratory Judgment ❑ Ground Rent ❑ Mandamus ❑ Landlord/Tenant Dispute ❑ Non-Domestic Relations ❑ Mortgage Foreclosure Restraining Order PROFESSIONAL LIABLITY ❑ Partition ❑ Quo Warranto ❑ Dental ❑ Quiet Title ❑ Replevin ❑ Legal ❑ Medical ❑ Other: ❑ Other: ❑ Other Professional: Pa.R.C.P.205.5 212010 'l 6'IIE P; BTIIB IH,.:`i 013 NOV 27 I 4 s CUMBERLAND COUNTY PENNSYLVANIA IN THE COURT OF COMMON PLEAS, CUMBERLAND COUNTY, PENNSYLVANIA CIVIL ACTION — LAW DEERFIELD DEVELOPMENT 1 �� n V COMPANY, LLC ` Appellant, REAL ESTATE TAX V. ASSESSMENT APPEAL CUMBERLAND COUNTY BOARD OF ASSESSMENT APPEALS, Appellee. NOTICE OF APPEAL AND NOW, this O 4'ld%y of November, 2013, Appellant, Deerfield Development Company, LLC, by and through its attorneys, Patrono & Associates, LLC, does hereby file this Notice of Appeal and aver as follows: 1. Appellant, having an address of 2121 Old Gatesburg Road, Suite 200, State College, PA 16803, is the titled owner of real estate identified as Tax Parcel Number 39-12- 0320-112, being more commonly known as 1055 Ritner Highway, Shippensburg, PA 17257. 2. Said real estate is situated partly in the Township of Southampton and partly in the Township of Shippensburg, and lies within the Shippensburg Area School District. 3. This filing constitutes an appeal from the decision of the Cumberland County Board of Assessment Appeals dated October 31, 2013, a copy of which is attached hereto as Exhibit "A." 4. Said real estate was reassessed at a value of$345,400.00. d �2. ' a-f-r 76d 5. The decision of the Board of Assessment Appeals was erroneous because: i. The real estate is part of a development known as Deerfield which consists of approximately 127.9796 acres. Said development was purchased in an arms-length transaction on July 30, 2013 for $1,275.000.00 pursuant to the deed attached hereto and incorporated by reference as Exhibit "B"; ii. The real estate consists of 13.7 acres with one dwelling; iii. The real estate appraised at $180,000.0000 pursuant to an appraisal setting fair market value as of October 1, 2013 attached hereto and incorporated by reference as Exhibit "C"; and iv. Adjustment of this current fair market value by application of the current common level ratio (1.031) results in a 2010 base year assessed value of $185,580.00. 6. Appellant is aggrieved by the decision of the Board of Assessment Appeals, and seeks a hearing de novo, as permitted by the Consolidated County Assessment Law at 53 Pa. C.S. § 8854. 2 WHEREFORE, Appellant respectfully requests that this Court find the decision of the Board of Assessment Appeals erroneous and set the 2010 base year assessed value of Tax Parcel 39-12-0320-112 at $185,580.00. Respectfully submitted, PATRONO &ASSOCIATES, LLC John J. Murp III q e Attorney for Appe lant 28 West Middle Street Gettysburg, PA 17325 PA# 91299 (717) 334-8098 3 VERIFICATION 1, the undersigned, Robert E. Poole, Jr.., Member of Deerfield Development Company, LLC, hereby verify that the statements made in the attached Notice of Appeal are true and correct and understand that false statements made herein are made subject to the penalties of 18 Pa.C.S.A. §4904 relating to unsworn falsification to authorities.. Deerfield Development Company, LLC Date: (_02�"!� by: Robert E. Poole, Jr., Mem r 4 CERTIFICATE OF SERVICE I hereby certify that a copy of the Notice of Appeal was served by certified U.S. mail, return receipt requested, postage prepaid, this a"day of November, 2013, upon the following: Board of Assessment Appeals Cumberland County Courthouse One Courthouse Square, Room 107 Carlisle, PA 17013 Cumberland County Assessment Office Cumberland County Courthouse One Courthouse Square, Room 107 Carlisle, PA 17013 Shippensburg Township P. O. Box 219 Shippensburg, PA 17257 Southampton Township 200 Airport Road Shippensburg, PA 17257 Shippensburg Area School District 317 North Morris Street Shippensburg, PA 17257 John . Murphy II , LNsqu ir Attorney for Appellant 5 Cumberland County Assessment Office Cumberland County Board of Assessment Appeals One Courthouse Square Room 107 George A. DeMartyn Carlisle, PA 17013 Kristin Lehman (717) 240-6350 Lloyd W. Bucher John G. French, Solicitor Hours: 8:00am to 4:30pm Bonnie M. Mahoney, Chief Assessor Parcel Identifier: DEERFIELD DEVELOPMENT CO LLC 39-12-0320-112. C/O JOHN J MURPHY III, ESQ 28 WEST MIDDLE STREET MAILING DATE: OCTOBER 31, 2013 GETTYSBURG PA 17325 APPEAL DEADLINE: NOVEMBER 30, 2013 BOARD OF ASSESSMENT APPEALS DECISION NOTICE - THIS IS NOT A TAX BILL This is a notice of a change to the assessed valuation or status of this property. REASON FOR CHANGE: 04 - APPEAL BOARD DECISION (REVISED ASSESSMENT) The Board of Assessment Appeals has issued this decision regarding your tax assessment appeal. You may appeal this decision to the Court of Common Pleas by filing the appropriate paperwork with the Prothonotary's office in accordance with local rules of court. FUTURE TAX BILLING BASIS EFFECTIVE: 01/01/2014 for County/Munic 07/01/2014 for School OLD NEW ASSESSMENT 482,200 345,400 TAX STATUS Taxable Taxable PROPERTY DESCRIPTION C&G STATUS Not Approved Not Approved Munic. : 39 - SOUTHAMPTON TOWNSHIP School: 7 - SHIPPENSBURG AREA SD MARKET-BASED ASSESSMENT Control Number: 00518420 Password for free Web Access: CUEIZXZG OLD NEW (My Property at CourthouseOnline.com/pa-cu-ao) Land 157,600 293, 400 Improvements 324,600 52, 000 TOTAL 482,200 345,400 Property Location: 100% of Market Value at 2010 Base Year Rates. 1055 RITNER HIGHWAY DEERFIELD CLEAN AND GREEN (C&G) ASSESSMENT LOT 3 OS PH 1 INST# 200739185 Unit/Lot ID: L-0003 OLD NEW Land Size: 13.74 acres Land 58,200 58,200 Improvements 324, 600 52, 000 TOTAL 382, 800 110,200 Property Type: A Residential (10+ Acres) Land value based on rates provided by the State. CHANGE OF TAX BASIS - NET CHANGE Cumberland County Commissioners Barbara Cross COUNTY/MUNIC SCHOOL Jim Hertzler Land 135, 800 135, 800 Gary Eichelberger Improvements -272,600 -272,600 TOTAL -136,800 -136, 800 Effects Future Billing Cycles Only cc: DEERFIELD DEVELOPMENT CO LLC [notc_allL] CC: EXHIBIT Z 14 E m U� 003M RM a � UPI Numbers: 39-12-0320-002,39-12-0320-173,39-12-0320-184,39-12-0320-185, 39-12-0320-186, 39-12-0320-293, 39-12-0320-292, 39-12-0320-291, 39-12-0320-290, 39-12-0320-289, 39-12-0320-288, 39-12-0320-287,39-12-0320-286,39-12-0320-285,39-12-0320-284, ^ 39-12-0320-283,39-12-0320-282,39-12-0320-281,39-12-0320-280,39-12-0320-279, 39-12-0320-278,39-12-0320-161,39-12-0320-160,39-12-0320-159,39-12-0320-157, 39-12-0320-156,39-12-0320-155,39-12-0320-154,30-12-0320-153,39-12-0320-152, 39-12-0320-151,39-12-0320-150,39-12-0320-149,36-12-0320-066,36-12-0320-065, 36-12-0320-064,36-12-0320-063,36-12-0320-062,36-12-0320-061,36-12-0320-060, 39-12-0320-112,39-12-0320-111,and 39-12-0320-108 Special Warranty Deed This Indenture, made the day of 2013, between FIRST COMMONWEALTH BANK, a Pennsylvania bankivifg institution with a last known address of P.O. Box 400, 654 Philadelphia Street, Indiana, Pennsylvania 15701, GRANTOR, and DEERFIELD DEVELOPMENT COMPANY, LLC, a Pennsylvania limited liability company with a mailing address at 2121 Old Gatesburg Road, Suite 200, State College, Pennsylvania 16803, GRANTEE. Witnesseth, that said GRANTOR for and in consideration of the sum of ONE MILLION TWO HUNDRED SEVENTY-FIVE THOUSAND and 00/100THS (51,275,000.00) U.S. DOLLARS paid to the GRANTOR by the GRANTEE does grant, bargain, sell and convey unto the said GRANTEE, their heirs and assigns, ALL THAT CERTAIN tract of land located on the north side of Ritner Highway'(SR- 011), also known as US Route 11 and on the west side of Newville Road (SR-0533), also known as PA Route 533, said tract is situate partly in Southampton Township and situate partly in Shippensburg Township, Cumberland County, Pennsylvania, more fully on a Final Subdivision and Land Development Plan of "Deerfield" prepared by ELA Group, Inc. and recorded as Instrument No. 200739185, said tract of land bounded and described as follows: BEGINNING at a point in the centerline intersection of Ritner.Highway and Newville Road, thence in the centerline of Ritner Highway, on a curve concave to the south having a central angle of 20 07' 08", a radius of 1 1,459.16', an arc length of 423.79', and the chord thereof being South fifty-four degrees twenty-eight minutes fifty-seven seconds West, four hundred twenty-three and seventy-seven hundredths feet (S 54° 28' 57" W - 423.77), to a point in Ritner Highway; thence continuing in the centerline of Ritner Highway, South fifty-three degrees twenty-five minutes twenty-three seconds West, one thousand two hundred eighty-six and fifty- four hundredths feet(S 53° 25' 23" W - 1,286.54') to a point in the centerline of Ritner Highway; thence continuing in the centerline of Ritner Highway, on a curve concave to the south, having a central angle of 8° 30' 00", a radius of 5,729.58', an arc length of 850.00', and the chord thereof being South forty-nine degrees ten minutes twenty-three seconds West, eight hundred forty-nine and twenty-two hundredths feet (S 490 10' 2311 W - 849.22'), to a point in the centerline of Ritner EXHIBIT m Special Warranty Deed—Page 2 Highway; thence continuing in the centerline of Ritner Highway, South forty-four degrees fifty- five minutes twenty-three seconds West, three hundred eighty-four and eighty-three hundredths feet (S 44° 55' 23" W - 384.83'), to a point in the centerline of Ritner Highway; thence leaving Ritner Highway, partially by lands of Amerigas Propane, LP, North forty-five degrees fifty-six minutes thirty-one seconds West, twenty-five and zero hundredths feet (N 45° 56' 31" W - 1 25.00'), to a point on the existing northern right-of-way line of Ritner Highway; thence along the existing northern right-of-way line of Ritner Highway, North forty-four degrees fifty-five minutes twenty-three seconds East, three hundred eighty-five and twenty hundredths feet (N 441 55' 23" E - 385.20'), to a point on the existing northern right-of-way line of Ritner Highway; thence continuing on the existing northern right-of-way line of Ritner Highway on a curve concave to the south having a central angle of 00° 28' 13", a radius of 5,754.28', an are length of 47.22', and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East, forty-seven and twenty-two hundredths .feet (N 45° 09' 29" E 47.22'), to a point on-the northern existing right-of-way line of Ritner Highway; thence leaving the northern right-of-way line of Ritner Highway, by Lot No.1 of"Deerfield", North forty-four degrees thirty-six minutes twenty-five seconds West, two hundred eighty and thirty-five hundredths feet (N 44° 36'25" W- 280.35% to a point; thence continuing by Lot No. 1 of"Deerfield", North forty-six degrees zero minutes forty-nine seconds East, three hundred seventeen and twenty hundredths feet (N 46° 00' 49" E - 317.20') to a point; thence continuing by Lot No.1 of"Deerfield", North seventy-three degrees fifty-five minutes forty-three seconds East, forty-five and one hundredths feet(N 73° 55' 43" E - 45.01 ) to a point on the western right-of-way line of Deerfield Lane; thence along the western right-of-way line of Deerfield Lane on a curve concave to the east, having a central angle of 301 41' 27", a radius of 530.00', an arc length of 283.90', and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West, two hundred eighty and fifty- one minutes (N 00° 43' 34" W- 280.51'), to a point on the western right-of-way line of Deerfield Lane; thence continuing on the western right-of-way line of Deerfield Lane, North fourteen degrees thirty-seven minutes nine seconds East, one hundred fifteen and twenty-one hundredths feet (N 14° 37' 09" E 115.21'), to a point on the western right-of-way line of Deerfield Lane; thence continuing on the western right-of-way line of Deerfield Lane on a curve concave to the west having a central angle of 74° 13' 16", a radius of 595.00', an arc length of 770.76', the chord thereof being North twenty-two degrees twenty-nine minutes twenty-nine seconds West, seven hundred seventeen and ninety-nine hundredths feet (N 221 29' 29" W 717.99), to a point on the western right-of-way line of Deerfield Lane; thence leaving the western right-of-way line of Deerfield Lane and by Lot No. 3 of "Deerfield", South thirty-six degrees fifty minutes fifty- seven seconds West, one thousand six hundred thirty-nine and sixteen hundredths.feet (S 361 50' 57" W - 1,639.16') to a point on line of lands of Shippensburg Mobile Estates, Inc.; thence by lands of Shippensburg Mobile Estates, Inc., North forty-five degrees four minutes five seconds West, nine hundred two and ninety-nine hundredths feet (N 451 04' 05" W 902.99'), to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South forty-six degrees five minutes two seconds West, one thousand one hundred ninety-five and fifty-five hundredths feet (S 46° 05' 02" W - 1,195.55') to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South thirty-six degrees forty-one minutes thirteen seconds East, four hundred ninety-nine and twenty hundredths feet (S 361 41' 13" E - 499.20'), to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South forty-six degrees thirteen minutes fifty- Special Warranty Deed—Page 3 nine seconds East, six hundred ninety-six and twenty-eight hundredths feet (S 460 13' 59" E - 696.28'), to a point, being the northeastern corner of lands of Pennsylvania Electric Co.; thence by lands of William S. & Mary T. Craig, North forty-six degrees thirty-two minutes one second West, six hundred ninety-six and seventy-one hundredths feet (N 460 32' 01" W 696.71'), to a point; thence by lands of Paul E. & Grace Hombaker, North thirty-six degrees forty-one minutes forty-five seconds West, five hundred and ninety-three hundredths feet (N 360 41' 45" W - 500.93 '), to a point; thence by lands of Laverne B. & Norene S. Sensenig, North forty-six degrees five minutes two seconds East, one thousand four hundred thirty-one and ninety-four hundredths feet (N 46° 05' 02" E - 1,431.94'), to a 1" iron pipe (found); thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifty degrees forty-two minutes twenty-eight seconds West, five hundred forty and twenty-two hundredths feet (N 50° 42' 28" W: 540.22'), to a No.5 rebar (set); thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifteen degrees thirty-four minutes fifty seconds East, one hundred ninety-five and sixteen hundredths feet (N 15° 34' 50" E - 195.16'), to a 1" iron pipe (found); thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifteen degrees fifty-four minutes two seconds East, six hundred thirty-four and eighty-eight hundredths feet (N 15° 54' 02" E - 634.88'), to a 1" iron pipe (found); thence by lands of Ray E. and Jean L. Thrush, North eighty-five degrees zero minutes thirty-five seconds East, eight hundred forty-two and ninety-three hundredths feet (N 850 00' 35" E - 842.931), to a 1" iron pipe (found); thence by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, North eighty-five degrees fifty-two minutes twelve seconds East, one thousand Seven hundred eighty-six and fifty hundredths feet (N 859 52' 12" E - 1,786.50'), to a 1" iron pipe (found); thence continuing by lands"of The Chester L. Smith and Pauline M. Smith Revocable Trust, North thirty-nine degrees fifty-three minutes sixteen seconds East, seventy-four and twenty-six hundredths feet (N 39° 53' 16" E - 74.26'), to a No. 5 rebar (set); thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South forty-seven degrees twenty-eight minutes two seconds East, three hundred twenty— one and ninety-three hundredths feet (S 47" 28' 02" E - 321.93"), to a 30" cherry tree; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust.,North forty- two degrees forty-four minutes twenty-three seconds East, five hundred thirteen and one hundredth feet (N 42° 44' 23" E - 513.01') to a fence post; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South thirty-five degrees thirty-nine minutes thirty-three seconds East, eighty-five and seventy-six hundredths feet (S 35° 39' 33" E 85.76'), to a railroad spike (found) in the old roadbed of Newville Road; thence in and along Newville Road, South twenty-five degrees twenty-one minutes five seconds East, two hundred twenty-four and nine hundredths feet(S 25° 2'1' 05" E - 224.09'), to a point in or near the existing centerline of Newville Road; thence in or near the centerline of Newville Road, South twenty- nine degrees forty-five minutes ten seconds East, eight hundred fifty-nine and fifty-five hundredths feet (S 29° 45' 10" E - 859.55'), to a point in the centerline intersection of Newvil l e Road and Ritner Highway, the point of Beginning. CONTAINING 127.544 Acres. !I EXCEPTING therefrom the following tracts of land: Special Warranty Deed—Page 4 ALL THAT CERTAIN tract of land situate at the north intersection of Deerfield Lane and Inverness Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 303 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument #200934950 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 13, 2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Jericho Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 382 on a Final Subdivision Plan of "Deerfield"; recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#201106706 recorded in the office for the Recording of Deeds in and for Cumberland Co. on February 28, 2011. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 144 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which i. tract was conveyed as Instrument #20101 3738 recorded in the office for the Recording of Deeds in and for Cumberland Co. on May 27, 2010. i I ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 145 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument#200936393 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 27, 2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 146 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942672 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 147 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942673 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land Special Warranty Deed—Page 5 shown more fully as Lot No. 275 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as'Instrument#200739185, which tract was conveyed as Instrument #200942674 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. i ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield I Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 276 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942675 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009, ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 277 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument #200942676 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 278 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument #200942677 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 279 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument #200942678 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 280 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942679 recorded in the office for the Recording of Deeds in and for Cumberland Co. on December 29, 2009. BEING THE SAME PREMISES which the Sheriff of Cumberland County, by deed dated December 7, 2011, and recorded February 17, 2013 in the Office for the Recorder of Deeds in and for Cumberland County, Pennsylvania, at Instrument No. 201204906, granted and conveyed unto First Commonwealth Bank. I i _ I Special Warranty Deed—Page 6 I with the appurtenances: To Have and To Hold the same to and for the use of the said GRANTEE, their heirs and assigns forever, and the GRANTOR for its successors and assigns hereby covenants and agrees that it will WARRANT SPECIALLY the property hereby conveyed. GRANTOR does not warrant specially any right, title or interest in and to any oil, gas, coal bed methane, coal, or any hydrocarbon or non-hydrocarbon minerals or elements or constituents thereof in any physical state or form whatsoever (hereinafter collectively referred to as "mineral rights"); however, GRANTOR does hereby quit claim unto GRANTEE any right, title or interest in and to any mineral rights which GRANTOR may have acquired by virtue of I the conveyance of the property to GRANTOR by the hereinabove mentioned Deed. In Witness Whereof, the said GRANTOR has hereunto set its hand and seal the day and year first i above written. WITNESS/ATTEST: FIRST COMMONWEALTH BAND a Pennsylvania banking institution . I By: EAL) i Title: -� i I i j i I i Special Warranty Deed—Page 7 ACKNOWLEDGMENT 1 STATE OF A— COUNTY OF �J l rx.d10.r On this, the 3a day of jo u 2013, before me, a. Notary Public, the undersigned officer, personally appeared D -Uu cl 14-A Lr of First Commonwealth Bank, known to me(or satisfactorily proven)to be the person whose name is subscribed to the within instrument, and acknowledged that he/she . executed the same for the purposes therein contained on behalf of First.Commonwealth Bank in his/her capacity as S V-P IN WITNESS WHEREOF, I have hereunto set my hand and seal. ` i COMMONWEALTH OF PENNSYLVANIA NOTARIAL SEAL Not Publi KAREN JANE MAZON, NOTARY PUBLIC Notary INDIANA BOROUGH,INDIANA COUNTY MY COMMISSION EXPIRES MAY 1,2017 Certificate of Residence I hereby certify that the precise residence of the GRANTEE herein is 2121 Old Gatesburg Road, Suite 200, State College; Pennsylvania 16803. Signature r4x� ate' }f<< ORDER OF DEEDS . ;''', - VREI UMBERLAND COUNTY COURT HOUSE SQUARE '— CARLISLE, PA 17013 ;., 717-240-6370 + Instru .Number-201325969 x Reoar+ ' 3n 8!612013 At 8:14:33 AM *Total Pages-8 *I "t Type-DIEEiA ; 1 U*W Number-143873 User ID-SW *Grantor-FIRST COMMONWEALTH BANK *Grantee-DEER]FEELD DEVELOPMENT COMPANY LLC *Customer-APPLE LEAF ABSTRACTING&SETTLEMENT CO *FEES STATE TRANSFER TAX $12,750.00 Certification Page r, STATE WRIT TAX $0.50 STATE JCS/ACCESS TO $23.50 DO NOT DETACH JUSTICE ?•_ RECORDING FEES - $17.50 This a e is now art :1 RECORDER OF DEEDS p g h PARCEL CERTIFICATION $645.00 of this legal document. FEES AFFORDABLE HOUSING $11.50 COUNTY ARCHIVES FEE $2.00 ROD ARCHIVES FEE $3.00 !' SHIPPENSBURG AREA $6,375.00 SCHOOL DISTRICT SHIPPENSBURG $1,020.00 u n TOWNSHIP SOUTHAMPTON TOWNSHIP $5,355.00 TOTAL PAID $26,203.00 I Certify this to be recorded in Cumberland County PA RECORDER O D EDS 1750 *-Information denoted by an asterisk may change during the verification process and may not be reflected on this page. 0I03I M`Rf MI I `I (III(I I(I I1I{II 1 II1�I I�{I IIt ' Summary Appraisal Of 13.7 Acres Off Of Deerfield Lane Southampton Township ' Cumberland County, Pennsylvania ' Prepared For: Deerfield Development Company ' 2121 Old Gatesburg Road State College,Pennsylvania 16803 ' Date of Report October 14,2013 ' Date of Valuation October 1,2013 ' Prepared By: APEX VALUATION SERVICES 1 West King Street,Suite 2A ' Shippensburg,Pennsylvania 17257 (717)530-8701 File No: 10-13-1815B This report was solely prepared for our client's use. 'Third parties who receive this report properly from our client may use it for evaluating the property or properties to which it relates for our client. The unpublished report contains confidential information owned by Apex Valuation Services and is protected under the United States Copyright Law. All unauthorized use is prohibited without the prior consent of Apex Valuation Services. ' EXHIBIT m i APEX VALUATION SERVICES 1 West King S!reet.Suite 2A Real Estate Appraising 8 Consulting Shlppensburg.PA 17257 Phone 717-530-8701 Fax 717-530-8704 October 14 2013 ' Deerfield Development Company 2121 Old Gatesburg Road State College,Pennsylvania 16803 ' Re: Estimate of Market Value 13.7+Acres Cumberland County,Pennsylvania Dear Client: i We are transmitting the summary appraisal report you requested on the 13.7+ acres of land identified with a physical address of- i 1055 Ritner Highway Southampton Township,Cumberland County,Pennsylvania. i The focus of this analysis is one parcel comprised of approximately 13.7+ acres improved with an uninhabitable dwelling in disrepair. The aerial photo (tax map) below offers the reader a visual of the subject's perimeter. 1 1 t Re: 13.7 Acres-Residential land ' October 14,2013 Page ii Located on-site is a two-story dwelling that is current.uninhabitable and in disrepair. The home is two-story in nature that comprises approximately 4,312 livable square feet. The exterior is stucco and timber beams with some masonry. Generally speaking, the roof is in average condition and structurally the dwelling appears sound; however, some portions of outside and the inside are becoming dilapidated. Considering the physical characteristics of the site,neighborhood uses,current zoning, location,and financial parameters, the highest and best use of the subject property would be to raze the current improvement for future use as a homestead when market conditions indicate. 1 In authorizing t hi s work, you indicated that the value conclusion would serve as an estimate of o k, y market value for the property in"as-is"condition as of the effective date of this report. The enclosed report provides the market data and analysis supporting the opinion of market value, estimated as: $180,000 One Hundred Eighty Thousand Dollars. for the fee simple interests, as of the effective date of October 1, 2013. This estimate assumes a purchase in cash or its equivalent (in typically available financing terms) and negotiations free of Iseller or buyer duress. This report has been completed in compliance with .the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Boards of the Appraisal Foundation. This i appraisal has also been completed in conformity with the Code of Ethics and Standards of Professional Practice of the Appraisal Institute. ' We expect you will find the details of this analysis relevant to your decisions, and we would be pleased to answer any questions you might have. Sincerely, APEX VALUATION SERVICES ' JJ W. Elha Joseph j John E. Cubbage ' Pennsylvania Certified General Licensed Appraiser Trainee Real Estate Appraiser LAT000150 GA-001599-L i 1 1 TABLE OF CONTENTS ' Letter of Transmittal Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i ' Report Synopsis Valuation Summary Property Introduction 1 Area/Neighborhood Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 SiteData . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 Zoning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1 Real Estate Tax Assessment Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Highest and Best Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . . . . . . . . . . 19 Approaches to Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ' Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Reconciliation and Correlation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . 33 Certification,Assumptions and Limiting Conditions,and Addenda i 1 1 .1 1 � l F D-f 4 b f i. E t. s l k. � E EXECUTIVE SUMMARY ' Type of Property: The focus of this analysis is one parcel comprised of approximately 13.7+ acres improved with an uninhabitable dwelling in disrepair. The aerial photo (tax map)below offers the reader a visual of the subject's perimeter. 4, IV q Al .n1° Val:.``�- �j l ��1-� ��•� � I;__-� ^""1 a,`� - A�r " n` ' Address of Subject Property: The subject parcel is located off of Deerfield Lane via Ritner Highway (Route 11) and 100% assessed in Southampton Township, Cumberland County, Pennsylvania. Of note, approximately 30% is actually located in Shippensburg Township. The ' physical address assigned to the subject parcel by the Cumberland County Assessment Office is 1055 Ritner Highway. Identification: The subject parcel is identified on the tax maps of Cumberland County as being in District 39,Tax Map 12-0320,Parcel 112. i Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania ' Property Rights Appraised: The property rights appraised are the fee simple interests in the subject property. Fee simple interest is defined as: ' "Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain,escheat,police power, and taxation."i ' Ownership and Sales History: The subject parcel was acquired by Deerfield Development Company LLC from First Commonwealth Bank for a recorded consideration of$1,275,000 on July 30, 2013 as recorded in the Cumberland County Recorder of Deeds Office via Instrument ' #201325969. This acquisition was the result of duress by the previous builder(Berks Homes) and included multiple other parcels that are not part of this analysis. Prior to this transfer, First Commonwealth Bank acquired the property from DGK Properties via Instrument #201204906 ' which represents a transfer from mortgagor to a holder of a mortgage in default. Prior to this transfer,DGK Properties acquired the property from Trust Investment Group in October 2007. t To the best of the appraiser's knowledge,the subject property is not professionally listed for sale or under-agreement of sale. ' Client: Deerfield Development Company, 2121 Old Gatesburg Road, State College, Pennsylvania 16803 Site: The subject site is comprised of approximately 13.7+acres and is irregular in shape which is mostly wooded with rolling topography. Tax maps and aerial photos are contained in the body of t this analysis to assist the reader. ' Improvement Description: A two-story dwelling that is current uninhabitable and in disrepair. The structure contains approximately 4,312 livable square feet. Current Use: Vacant(wooded land) Zoning: Based on engineering plans, approximately 70% of the parcel is currently zoned Village Center (VC) District by Southampton Township, Cumberland County, Pennsylvania. The remaining 30% is located in Shippensburg Township in the Medium Density Residential District (R2)• The Dictionary of Real Estate Appraisal,Appraisal Institute,3rd Edition. 11 ' Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania Highest and Best Use "As if Vacant and Available for Development": Considering the four factors of Highest and Best Use, namely legally permissible, physically possible, financially feasible, and maximally productive, the Highest and Best Use of the subject site, as if vacant and available for development is concluded to be for residential development as permitted by zoning. Highest and best use reflects a basic assumption about real estate market behavior; that the price a buyer will pay for a property is based on their conclusions about the most profitable use of the site or property. The determination of highest and best use must be based on careful consideration of prevailing market conditions, trends affecting market participation and change, and the existing use of the subject property. Highest and best use may be defined as "the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value." Considering the physical characteristics of the site,neighborhood uses,current zoning,location, and ' financial parameters, the highest and best use of the subject property would be to raze the current improvement for future use as a homestead when market conditions indicate. Most Likely Baer: The property would most likely be purchased by an individual for the purpose of building one dwelling in the future. Valuation Issues: The subject's site size has been gleaned from public records and discussion with the owner. Any variations to the subject uncovered after the completion of this assignment may warrant a re-valuation. The subject property has been appraised as land that has the potential for residential development for a single dwelling given the configuration of the site and topography. The scope of this appraisal has not included any environmental audits or testing for hazardous materials. As in the case of all real estate, the ownership of the subject property and/or client is advised to have a complete understanding of the environmental issues surrounding the subject site. As such,a Phase I environmental audit is recommended. Assessment Issues: The subject's assessment is $482,200; thus, applying the published factor of i 0.97 yields an implied market value of$467,734. i Value Indications"As Is": Total Estimated Value by Sales Comparison Approach $180,000 Estimated Value by the Income Approach Not Developed Estimated Value by the Cost Approach Not Developed Final Estimate of"As Is"Market Value $180,000 i Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Scope Of Work i ➢ Intended Use • The function of this appraisal assignment will be to assist in establishing an equitable property tax assessment. ➢ Intended User • This report will be for the client's use only, but a copy of the report may be distributed to other parties. Even once the report is distributed to other parties, the client retains its confidential relationship with the appraiser until the intended uses Iare completed or written release from the client is provided. ➢ Purpose ' • The purpose of this appraisal will be to estimate the "as is" market value of the subject property. ➢ Effective Date/Inspection Date/Date of Report • The effective date for this assignment is a date of October 1, 2013 which is the date of inspection and the date of this analysis is October 14,2013. ➢ Market Value Definition • "Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions where by: Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their own best interests; ■ A reason time allowed for exposure in the open market; ■ Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold ' unaffected by special or creative financing or sale concessions granted by anyone associated with the sale." ➢ Extraordinary Assumptions and Hypothetical Conditions • No extraordinary assumptions have been used in this analysis. ' • No hypothetical conditions have been used in this analysis. 2 Uniform Standards of Professional Appraisal Practice(USPAP),2010-2011,Pg.A-105 iv Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania ➢ Research • The subject is identified in this analysis by tax records coupled with a review of the current deed(s). • The subject was inspected by all of the appraisers signing the report to catalog its ' physical attributes with a physical inspection of the subject's site, exterior and/or complete interior. • The neighborhood was toured and researched for pertinent characteristics. • Economic conditions and public infrastructure was researched with government publications and third party reports. • Comparable data was selected from the immediate market area and verified. Reliable sources are considered to be appraisal files, public records, primary research, and national trade surveys; complemented with exterior inspections of ' the comparables. ➢ Analyses Considered ' • Highest and best use analysis was completed using inferred methods or fundamental methods. • A Summary Appraisal, considering the cost approach, sales comparison approach, ' and income approach. A Summary Appraisal is defined as one in which the appraiser completes thorough subject and market research and completes all applicable approaches to value. • The Cost Approach was not developed in this analysis. • Sales Comparison Approach has been developed in this analysis with a qualified adjustment grid. • The Income Approach was not developed in this analysis. ➢ Reporting • In conformity with USPAP and also the client's requirements a Summary Report was completed. • This analysis includes a signed certification that is signed by any appraiser providing professional assistance and the principal appraiser stating the principal appraiser inspected the subject. • This analysis includes statements of standard assumptions & limiting conditions ' including a statement with the following wording: "Disclosure of the contents of this appraisal report shall be governed by the terms and conditions stated herein, provided, however, that anything contained herein before or hereinafter to the contrary not withstanding, the client may distribute copies of this appraisal report to such third parties as may be selected by it and provided further that neither all nor any part of this appraisal report shall be disseminated to the general public by the use of advertising media,public relations media, news media, or other media for public communications without prior written consent of the signatories of this appraisal report." v Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania Type of Appraisal: This appraisal report is prepared to conform to the requirements of a summary ' appraisal. A summary appraisal report's content is defined by the Uniform Standards of Professional Appraisal Practice by Standard 2-2b at a minimal,as: ' i. state the identity of the client and any intended users by name or type; ii. state the intended use of the appraisal; iii. summarize information sufficient to identify the real estate involved in the ' appraisal, including the physical and economic property characteristics relevant to the assignment; iv. state the real property interest appraised; ' V. state the type of definition of value and cite the source of the definition; Vi. state the effective date of the appraisal and the date of the report; vii. summarize the scope of the work used to develop the appraisal; viii. summarize the information analyzed, the appraisal methods and techniques ' employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained; ' ix. state the use of the real estate existing.as of the date of value and the use of the real estate reflected in the appraisal; and, when an opinion of highest and best use was developed by the appraiser, summarize the support and rationale for that opinion; ' X. clearly and conspicuously: -state all extraordinary assumptions and hypothetical conditions; and -state that their use might have affected the assignment results ' xi. include a signed certification in accordance with Standards Rule 2-3. Exposure Time ' Reasonable exposure time is one of a series of conditions in most market value definitions. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as: "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical ' consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market." ' 3 Appraisal Standards Board of the Appraisal Foundation,"Statement on Appraisal Standards No.6;Reasonable Exposure Time in Market Value Estimates",October 1992. vi 1 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Exposure time is different for various types of real estate and under various market conditions. It is noted that the overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. This statement focuses on ' the time component. The estimate may be expressed as a range and can be based on one or more of the following: • Statistical information about days on market; • Information gathered through sales verification; and, ' • Interviews with market participants. Based on the information presented in the body of the report which follows, a reasonable exposure time for the subject property at the estimated market value is nine (9) to twelve (12) months. The reader should note that exposure time is different than marketing time in that ' exposure time is always presumed to precede the effective date of an appraisal, whereas marketing time is a time period immediately subsequent to the date of the appraisal. Marketing Time While it is impossible to know exactly how long a marketing period might be, there are some ' indicators, which help to understand the basic dynamics of any market in relation to equilibrium. These elements may include matters such as volume of sales, occupancy rates, average daily room rates,availability of capital and investment yield expectations. ' In addition to the above information regarding market activity, it should be noted that the various judgments regarding property performance and investor expectations contained within the appraisal ' are based on criteria, which are currently in use in this market. Therefore, the estimate of value reflects current market and investment criteria. No changes in the real estate or capital markets are. required for the estimate of value to be realized. ' The reasonable marketing time is an estimate of the amount of time it might take to sell a property interest in real estate at the estimated market value level during the period immediately after the ' effective date of an appraisal.4 Marketing Time is different from Exposure Time, which is always presumed to precede the effective date of an appraisal. ° Appraisal Standards Board of the Appraisal Foundation,"Advisory Opinion G-7;Marketing Time Estimates",October 1992. vii ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania The estimate of marketing time uses some of the same data analyzed in the process of estimating reasonable exposure time as part of the appraisal process and is not intended to be a prediction of a date of sale. The estimate may be expressed as a range and can be based on one or more of the following: ' • Statistical information about days on market; • Information gathered through sales verification; • Interviews with market participants; and, ' • Anticipated changes in market conditions. Considering the information presented above regarding market activity, the uniqueness of the ' subject property, and the estimated market value, a reasonable estimate of marketing time for the subject property is six(6)to twelve(12)months. viii ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania ' AREVNEIGHBORHOOD ANALYSIS ' The subject property is located in Cumberland County, Pennsylvania (mostly in Southampton Township) which, in addition to Dauphin and Perry Counties, comprise the Primary Metropolitan ' Statistical Area("PMSA"), and is also known as the "Tri-County Region." Cumberland County is comprised of 550 square miles. The subject property is in proximity to the Franklin-Cumberland ' County line and part of the Shippensburg area. ' Much of the region's economy is influenced by the governmental and service employment sectors relating to the state capital and by the three large military installations located within the Tri-County ' Region. Two of the three are located in Cumberland County: Naval Support Activity and the U.S. Army War College/Carlisle Barracks. The table below reflects the counties recent unemployment rate. Cumberland County has maintained a modest unemployment rate and appears to perform relatively better to the state and nation. Unemployment Rale.Cumberiond County,PA lg - --- ----- - .. c: fu; 1 1161 11QI 110] r„ 1201 12Q2 1203 1201 1361 13Q2 ' 1013 1004 1101 11Q2 1103 1104 1201 1202 1203 1244 13Q1 13Q2 •UNed Stales(NSA) 9.5% 91% 95% 89% 91% 8.3% 86% 8.0% 81% 75% 81% 74% Pennsylverne(NSA) 8.2% 78% 85% 78% 8.0% 7,4% 82% 7.7% 8.1% 77% 85% 7.5% ' Cumbef1wdCounty(NSA) 6.8% 6.4% 7.096 6.7% 6.8% 6.2% 6.8% 65% 8.89E 62% 69% 6.4% 1 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Volvo Construction Equipment is the second largest manufacturer in Franklin County and one of the largest private employers in Franklin County which is located in the Shippensburg area. In May 1 2012 the plant, located in the Shippensburg area,began a$100 million plant expansion. This plant will serve as the company's headquarters for operations in North and South America. Volvo acquired the facility in 2007 (and other facilities) from Ingersoll-Rand's road construction division. 1 Company representatives indicated that Shippensburg was chosen in part for its desirable location due transportation infrastructure and proximity to population centers. ' The dominant retail development in the Shippensburg area is located less than one mile from the subject known as Shippen Towne Center. This neighborhood shopping center anchored by Wal- Mart includes other tenants such as Holiday Hair, Wine & Spirits, Check N' Go, Subway, Shoe Show, EB Games, Mattress Warehouse, China House, and Video Warehouse. Located adjacent to Wal-Mart is a Lowe's Store. ' A second neighborhood shopping center is located of off Baltimore Road in the Shippensburg area. This facility is known as Shippensburg Marketplace which is anchored. by Giant Foods with ' smaller tenants being Alfredo Pizza, Nails, Shippensburg Sleep Diagnostic, China Inn, and Holiday Hair. This commercial area also includes Sovereign Bank, Dollar Tree, and Allegany ' Optical. Also located in the Shippensburg area is Shippensburg University(a Pennsylvania higher education school). Shippensburg University ranks #1 in central Pennsylvania in enrollment with Millersville ' University second and Harrisburg Area Community College third. Shippensburg University offers fifty undergraduate programs in the College of Arts and Sciences, the College of Education and Human Services, and the John L. Grove College of Business. Twenty-one programs are offered by the School of Graduate Studies. 2 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Located in Southampton Township (Franklin County) is on-going construction for a regional distribution center. It is rumored that Proctor-Gamble will occupy the building and chose this location due to proximity to Interstate I-81. It has been estimated 1,000 jobs will be created from this development once complete. ' Located at Exit 20 of Interstate 1-81 (less than ten miles from the subject property) is the Chambersburg Mall. Chambersburg Mall is a 454,423 square foot regional mall anchored by Bon- , Ton Department Store, Sears, Burlington Coat Factory, and JC Penny with approximately 50 other ' smaller tenants. The mall incorporates approximately 87 acres and began operations in 1982. PRETT(Pennsylvania Real Estate Investment Trust)owns the property. Recently,the mall has been ' listed for sale in an effort by PRETT to reduce debt. PRETT is also selling four other similar properties nationally. ' Located at the south side of Exit 24 is planned business park to be named United Business Park. ' The park is being developed by the Cumberland Valley Regional Development Corporation and created from 364 acres. Current plans reflect 15 lots that vary in proposed use from industrial to ' commercial with sizes that vary from 3 acres to 100 acres. The park is located at a signalized intersection of Olde Scotland Road and the off-ramp for the north bound lane of Interstate I-81 at ' Exit 24. ' Cumberland County contains five of the top ten industrial and business parks in the Tri-County Region. Ranked first is the Carlisle Distribution Center, located along Route 11 at Allen Road twhich contains 4.1 million square feet of warehouse/distribution space. The park contains 295 acres. 3 ' Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania The graphs on the following page illustrate Cumberland County's per capita personal income and ' median family income levels in relation to state and national levels. In both income categories, Cumberland County has performed relatively in-line with state and national levels. ' Per Capita Personal lrwAxne Cumberland County. PA ' S60.000 5fi0 ',9 ��-- Say_ 1 ' 545 C 540 000 535.004 i 1 $30.000 A $25,00Q 1 _ ' 520,000 515.000 f p. 510,000 $5,004 r SO Unitea States Fcnnsplvani._ ;umberlanc County a„ ' Median Family Income, Estimated Cumberland County -2013 ' $80,000 $?r1,8A8 ' $70.000 q� $ti6s800 $60,000 $50,000- ' $40,000 $30,000 ' $20,000 $10,000 ' $0 US Pill Gl11iNi8f11Mtd Cauryr 4 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Ranked second is the Logisticenter at Carlisle, located at Newville Road and Meadowbrook Roads which contains 3.9 million square feet of warehouse/distribution space built-out on 300 acres. Ranked sixth is the Upper Allen Business Park, located along Independence Avenue which contains 2.1 million square feet. Ranked seventh and eighth respectively is Hampden Industrial Park and Southpoint Industrial Park both with 1.7 million square feet. Trammell Crow Company and USAA Real Estate Company completed a 700,000 square foot Class A speculative distribution facility at Mountain Creek Distribution Center in Carlisle. Mountain Creek Distribution Center is a two building industrial project situated on 113 acres at Exit 44 of Interstate I-81. The project is approved for 1,302,500 square feet of Class A warehouse/distribution space. A proposed new retail center is in the planning stages located at Exit 44 of Interstate I-81. The Center at Rocky Meadows will be developed on 60 acres. The leasable area will exceed 100,000 square feet and will include several outparcels. The subject property is represents the farmstead of an on-going residential development dating back over five years in which the original homebuilder was Berks Homes. Due financial duress by the original homebuilder,the project is now being built-out by S&A Homes. Deerfield's phase 1 in its entirety was approved for development of 102 townhome lots, 52 duplex lots, 32 single lots, and 248 garden apartments (in multiple apartment buildings) of which the apartment buildings are all complete. The acquisition of the subject property by Instrument#201325969 did not include these apartments. The subject parcel was not incorporated into the overall design of the proposed community primarily due to the topography being rolling. Both population and employment have been steadily increasing along Interstate 1-81 in Cumberland, Dauphin, Franklin and Lebanon Counties and the Tri-County Regional Planning Commission anticipates continued growth for the next twenty years to 2020. This growth in the ' number of residents and jobs has led to rising traffic volumes and congestion along the Interstate. 5 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania I' Tro 1 es cO '-0- 1 Da 7�g 1 1 1 1 SITE DATA ' The subject parcel is located off of Deerfield Lane via Ritner Highway (Route 11) and 100% assessed in Southampton Township, Cumberland County, Pennsylvania. Of note, approximately ' 30% is actually located in Shippensburg Township. The physical address assigned to the subject parcel by the Cumberland County Assessment Office is 1055 Ritner Highway. The subject parcel is identified on the tax maps of Cumberland County as being in District 39, Tax Map 12-0320,. Parcel 112. ' The following onclusions and observations have been leaned from public records, an on-site g g p ' inspection of the subject property,and discussions with representatives of the subject property. Tax maps and aerial photos are contained in the body of this analysis to assist the reader. Size and relative conformity to adjacent sites: The subject site is comprised of approximately 13.7+ acres and is irregular in shape with rolling topography that is mostly wooded. The subject property's configured shape (as shown by the tax map at the end of this section) is fair and unappealing compared to the greater market which lends itself to limited potential future development. This is evident in that the parcel was never planned or incorporated as part of the .Deerfield community. Access and Circulation: The subject property is accessed from Deerfield Lane via Ritner Highway (Route 11). TopoUMhy, Soils &Drainage: No apparent drainage problems were noted; however, the scope of this appraisal does not include specific tests for adequacy. Similarly, soils have not been tested but are believed to be adequate for this type development. Topography is predominantly rolling. Utilities: Public water and sewer are in proximity to the subject property. The subject's general area and development are serviced by public water/sewer. 6 Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania ' Site Improvements (dwelling): The dwelling on-site is currently uninhabitable and in disrepair. The home is two-story in nature that comprises approximately 4,312 livable square feet. The ' exterior is stucco and timber beams with some masonry. Generally speaking, the roof is in average condition and structurally the dwelling appears sound; however, some portions of outside and the ' inside are becoming dilapidated. ' Easements and Encroachments: Since a survey of title is beyond the scope of this report, a precise rendering of recorded easements and encroachments was not available. However, from a review of ' the current deed and from a physical inspection of the subject site, no easements or encroachments are apparent on the subject which would inhibit full utilization of the site. ' Nuisance Factors: None noted ' Flood Plain: Accordin g to FEMA community panel #42041C0334E dated March 16, 2009 and ' preliminary engineering plans, it appears the subject property is not located in a designated flood plain area. Of note,this panel is not printed by FEMA due to no special flood area existing. ' Environmental Concerns: There were no environmental issues disclosed by the ownership of the subject property. The scope of this appraisal has not included any environmental audits or testing for hazardous materials. As in the case of all real estate, the ownership of the subject property ' and/or client is advised to have a complete understanding of the environmental issues surrounding the subject site. As such,a Phase I environmental audit is recommended. 7 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania ' Middle SUBJECT LOCATION MAP SO i� 1 Stu 1MIve'Rlty 04 Pennrylyma $ y` a Shippensbur �--- �'�'� Chem Park Dy%wnw, Shimemburg SP-9 � tN�.'tla�nt3 Park T 8 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania 1 1 ' SUBJECT TAX MAP ANKO ». . . . � a r= 9My s ,• 1 SUBJECT AERIAL MAP 1 O 6 O 1 1 9 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Photographs Of 1 I f.7 .�i ■w.�� -,... " Illy � � _ �� ,q •' t l 1 Appraisal of 1 55 Ritner Highway,Southampton • • Cumberland County, Photographs Of Subject Dwelling :. 1 11 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Photographs Of Subject Dwelling t , .r .Fy rt 1 Y i 1 1 1 1 1 12 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Photographs Of Subject(land) 13 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Photographs fl 1 _ e f W • r " t ". � «^%•. .ton Appraisal of 1 Southampton • • Cumberland County,Pennsylvania ' ZONING Based on engineering plans, approximately 70% of the parcel is currently zoned Village Center ' (VC) District by Southampton Township, Cumberland County, Pennsylvania. The remaining 30% ' is located in Shippensburg Township in the Medium Density Residential District(R2). The purpose of these districts is to provide a variety of housing opportunities, along with a mix of service oriented and limited retail use. It is designed to encourage more dense development relative ' to other zoning districts of this Township. Permitted Uses in Village District: Detached dwellings, semi-detached dwellings, attached dwellings, apartments, professional offices,and retirement housing. ' Permitted Uses in Medium Density Residential District: Detached dwellings, semi-detached dwellings,and attached dwellings. 1 15 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania ' ZONING MAP (Southampton Township) o , Shippensburg ` ' Township wcai.r�,-fac+rr�,M. +.I 0 ' Zoning Agricultural/Conservation-AC ' Commercial-C Commercial/Manufacturing-CM ' Village Center-VC Woodlands Conservation-WC 16 ' Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania ZONING MAP (Shippensburg Township) SOUTHAMPTON TOWNSHIP Agrlcullurai i Open Spare ;A;. Lovi Denshi ResIdertial ?R.1) Medium Dersity Resiaential iR;t) 1 mixed Use (btu) ®Ser:lce Commerclal (C-t) Ge,ieral Corrmerclal (C-2) Industrial (1) Unlverslty (U) 17 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania REAL ESTATE TAX ASSESSMENT ANALYSIS The 2013 assessment for the subject property is $482,200. Legislation passed in 1982 empowered the State Tax Equalization Board to establish the Common Level Ratio of each county. The common level ratio for 2013 in York County is 103.1% (0.97 factor) as published by the 1 Commonwealth of Pennsylvania's State Tax Equalization Board.5 ' Based on this 0.97 factor, the implied market value of the subject property by Cumberland County 1 is approximately$467,734 which results in$482,200 times 0.97. Real estate taxes for the subject property (taxed by Southampton Township), have been estimated based on the most current millage information 12.674 mills. Based on the market value derived in this appraisal report, the indicated assessed value has been calculated. To estimate the potential assessment the estimated value is multiplied by the common level ratio,as follows: ' Calculation of Potential Assessment $180,000 x 103.1% = $185,580 The potential tax liability resulting from this market-based assessment is calculated by multiplying the potential assessment by the actual current millage rates. The chart below summarizes the assessment analysis for the subject property. Current Current Appraised Market T-1.D. Assessment Taxes Factor Im lied Value Value Milla a Est.Taxes 39-12 0320-112 $482,200 $6,111 0.97 $467,734 $180,000 0.012674 $2 212 If properly assessed, the real estate taxes for the subject property would be approximately $2,212 versus the current taxes of$6,111. s Published July 2013 18 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania �� : � i 1 ; . "�' i { r � : � � l .� � . 1 es � es- 's �� y 5�� , US � ; , �� ;. l � ; �� 1 �� r t � ; a ,� �� { ' HIGHEST AND BEST USE6 ' Highest and best use reflects a basic assumption about real estate market behavior; that the price a buyer will pay for a property is based on their conclusions about the most profitable use of the site or property. The determination of highest and best use must be based on careful consideration of prevailing market conditions, trends affecting market participation and change, and the existing use ' of the subject. ' Highest and best use may be defined as "the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and ' results in the highest value." Because the use of land can be limited by the presence of improvements, highest and best use is determined separately for the land or site as though vacant and available to be put to its highest and best use,or for the property as improved. The first determination reflects that land value is derived from potential land use. Land has limited value unless there is a present or anticipated use for it. The amount of value depends on the nature of the land's anticipated use according to the concept of surplus productivity. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are ' made for labor, capital, and coordination, is generally regarded as the highest and best use of the land as though vacant. This is the classic definition of a land residual analysis. For the purpose of analysis, the appraiser assumes that the parcel of land in question is vacant. 1 Even a site with a large building on it can be made vacant by demolishing the building. The question to be answered is: If the land were vacant, what new improvement(s) should be ' constructed on the site? 6 The Appraisal of Real.Estate,Appraisal Institute,11 th Edition,1996,Page 297. 19 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania The highest and best use of a property as improved refers to the optimal use that could be made of the property including all existing structures. The implication is that the existing improvement should be renovated or retained so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. ' The determination of the highest and best use of land as though vacant is useful for land or site valuation. . Determining the highest and best use of an improved property provides a decision regarding continued use or demolition of the property. [The reader should note that demolition is ' indicated when the land as though vacant has more value than the parcel as presently improved.] The relationship between the supply of, and demand for, land adaptable to a particular use is ' significant in determining highest and best use. A site or improved property may be placed under an interim use until demand is sufficient to support its highest and best use. If a more profitable use must be delayed due to insufficient present demand, the interim use will continue until the value of the land as though vacant, minus the cost of demolishing the existing improvements, exceeds the ' total value of the improved property at its current use. When properties are devoted to temporary, interim uses, the concept of consistent use must be 'addressed. Consistent use is the concept that land cannot be valued on the basis of one use while ' the improvements are valued on the basis of another. Improvements that do not represent the land's highest and best use, but do have substantial remaining physical lives, may have an interim use of ' temporary value,or they may have no value at all. 20 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania t The highest and best use analysis requires the employment of various categories of use-oriented decisions. To conclude that a given use is the highest and best use, the use must meet four criteria. The highest and best use must be: 1)legally permissible; ' 2)physically possible; 3)financially feasible; and 4)maximally profitable. In sequential order,usually from the most general to the most specific, each criteria is considered in ' turn, thereby eliminating at each level, proposed uses that do not qualify. This process stimulates the thought process of the rational and informed decision maker and helps the appraiser identify the most likely users and buyers for the subject property. ' Highest and Best Use As Though Vacant and Available for Development Highest and best use of land or a site as though vacant is defined as the use of a property based on ' the assumption that a parcel of land is vacant or can be made vacant through demolition of any improvements.' The four factors of highest and best use, that is whether the use is legally permissible, physically ' possible, financially feasible, or maximally profitable will.be developed for the property as though it were vacant and available for development. Legally Permissible: ' The subject community currently is zoned Village Center under regulations set forth in the Southampton Township,Cumberland County,Pennsylvania Zoning Ordinance. Based on a review of the zoning ordinances, permitted uses in the District include a large range ' of permitted residential uses. 'The Appraisal of Real Estate,Appraisal histitute,11th Fdition,1996,Page 300. 21 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Physically Possible: The physically possible uses are determined by characteristics such as size, shape, location, ' topography, availability of utilities, and any other physical aspect of the site that would restrict or prevent any of the legal uses of the subject site. After consideration of the subject's size, topography,neighboring uses, and utility availability, it appears to be physically possible to develop the subject site with one dwelling. ' Financially Feasible: Due to the topography of the site, the only feasible residential use of the site would be for one ' dwelling. The parcel was not incorporated into the overall design of the residential community (Deerfield)which reflects the lack of development potential by the subject parcel. ' Maximally Profitable: The maximally profitable use for the subject site is the financially feasible use which produces the highest return. Considering the physical characteristics of the site,neighborhood uses,current zoning,location, and ' financial parameters, the highest and best use of the subject property would be to raze the current improvement for future use as a homestead when market conditions indicate. t 22 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania THE APPROACHES TO VALUE In estimating the market value of a given property, it is normal appraisal practice to assemble as much relevant data from the marketplace as possible. This data is then applied in the three recognized approaches to value: the Income Approach, the Cost Approach, and the Sales Comparison Approach. ' The Income Approach analysis is concerned with the resent worth of anticipated future benefits pp Y p P derived from the ownership of a property, expressed in terms of rental income which the ownership of a property may be expected to produce. The anticipated stabilized net operating income available from the ownership of a property is then converted into a value estimate by means of the application of an appropriate rate derived from market observations. In this appraisal the Income Approach has not been developed. In the Cost Approach, an estimate of the site's value is first derived by comparing the site with other similar sites which have been sold. The site is valued in accordance with the conclusions reached in the Highest and Best Use-As Though Vacant. In this appraisal the Cost Approach has not been developed. The Sales Comparison Approach uses the sales of similar properties as the basis of an indication of value for the subject property. This comparison may be made on a square foot, cubic foot, front foot, or any other basis which is recognized in the marketplace and provides an adequate unit of measure of indicated market value. In this appraisal,the unit of comparison is the price per acre for the comparable properties since this is what most market participants place the most weight for properties similar to the subject property. The Sales Comparison Approach is essential to almost every appraisal of real property. This approach best mirrors the actions of buyers in the marketplace for similar-type properties. The Sales Comparison Approach is the only appropriate method of estimating the market value of the subject property. This approach is presented on the ' following pages. 23 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania 'A#'r xL S�H.s W 7.....,,. GE i x-'.:. +fR .ate 2'1P•,'^ � � }F'� L, x r qty rorx � f r � . t-- s J- g � Lid 14 Vq vg 4 x yspp a # t F-. � . -. 4� y SALES COMPARISON APPROACH The Sales Comparison Approach is a method of estimating market value where the subject property is compared to similar properties which have been sold. This approach is based on the Principle of Substitution which states that if several competing commodities, goods, or services are available then the one with the lowest price will attract the greatest demand and receive the widest distribution.8 When applied to real estate,this comparison focuses on those elements of comparison which cause prices to vary. The Sales Comparison Approach is considered important to most appraisal p problems since it 1 indicates the price paid for similar properties by typically knowledgeable buyers in the open market. It is applicable to the appraisal of all properties for which there are a sufficient number of comparable sales. This approach is most reliable when the property type under analysis is bought and sold regularly. Applying this approach is a systematic procedure where similar sales are researched and analyzed through the most relevant elements of comparison. Adjustments are made for differences in the sales that reflect market reaction. The following pages contain outline profiles of the comparables used in this analysis of,the subject property. A narrative analysis of the adjustments indicated by these sales is included following the outline profiles. 1 i . 1 1 8 The Dictionary of Real Estate Appraisal,Appraisal Institute,3rd Edition,1993 24 Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania ' Comparable Land Sale #1 LOCATION: Address: Three Turn Road Southampton Township Cumberland County,PA ' Tax Map: 39-15-0181-004 LEGAL Sale Date: November 2012 INFORMATION: Liber/Folio: Instrument#201234205 Grantor: C.Ott ' Grantee: B.Frick CONSIDERATION: Sale Price: $70,000 Price Per Acre: $7,700 Financing: Assumed cash to seller SITE Site Size: 9.1 acres DESCRIPTION: Zoning: Woodland conservation Utilities: Not in proximity Shape: Rectangular ' COMMENTS: Sale represents wooded land located within the subject's municipality acquired for future use to be built upon with a dwelling & outbuildings. Property has a superior configuration compared to the subject property;however,land is severely more sloping compared to the subject property. Property is located across form Comparable Sale#2. ' TAX MAP k_ � J t � S 25 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania ' Comparable Land Sale #2 LOCATION: Address: Three Turn Road Southampton Township Cumberland County,PA Tax Map: 39-15-0181-008 ' LEGAL Sale Date: November 2012 INFORMATION: Liber/Folio: Instrument#201233765 Grantor: J.Adams ' Grantee: B.Frick CONSIDERATION: Sale Price: $85,000 Price Per Acre: $11,600 Financing: Assumed cash to seller SITE Site Size: 7.3 acres DESCRIPTION: Zoning: Woodland conservation Utilities: Not in proximity Shape: Rectangular ' COMMENTS: Sale represents wooded land located within the subject's municipality acquired for future use to be built upon with a dwelling & outbuildings. Property has a superior configuration compared to the subject property;however,land is severely more sloping compared to the subject property. Property is located across form Comparable Sale#1. ' TAX MAP • r r 26 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Comparable Land Sale #3 ' LOCATION: Address: Strohm Road Southampton Township Cumberland County,PA ' Tax Map: 39-13-0106-144 ' LEGAL Sale Date: January 2011 INFORMATION: Liber/Folio: Instrument#201101753 Grantor: V.Rine t Grantee: M.Yoder CONSIDERATION: Sale Price: $100,000 Price Per Acre: $13,300 Financing: Assumed cash to seller SITE Site Size: 7.5 acres DESCRIPTION: Zoning: Agricultural conservation ' Utilities: Not in proximity Shape: Rectangular COMMENTS: Sale represents unwooded land located within the subject's municipality. Property has a superior configuration compared to the subject property. Property is located adjacent to Comparable Sale#4. TAX MAP a 145 ' 10 s 10.04 Ac 27 ' Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania Comparable Land Sale #4 ' LOCATION: Address: Strohm Road Southampton Township Cumberland County,PA ' Tax Map: 39-13-0106-145 t LEGAL Sale Date: January 2011 INFORMATION: Liber/Folio: Instrument#201100161 Grantor: G.Rine Grantee: M.Yoder ' CONSIDERATION: Sale Price: $110,000 Price Per Acre: $10,900 ' Financing: Assumed cash to seller SITE Site Size: 10.1 acres DESCRIPTION: Zoning: Agricultural conservation Utilities: Not in proximity Shape: Rectangular COMMENTS: Sale represents unwooded land located within the subject's municipality. Property has a ' superior configuration compared to the subject property. Property is located adjacent to Comparable Sale#3. TAX MAP ' 9n 144 21 ' 7.49Ac. N ' 45 r -asps ,./r 1&04Ac az _ S.00Ac. 28 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania i General Discussion of Elements of Comparison �i In general, there is an upward adjustment if the comparable is inferior to the subject for a given element of comparison and a downward adjustment where the comparable is superior to the subject for a given element of comparison. Property Rights Conveyed: This.adjustment normally attempts to equate differentials associated with investor versus owner purchases as well as the positive and negative effects of leasehold interests on a property. As rioted previously, this is an appraisal of the fee simple interest in the subject property;therefore,no adjustments are necessary. Financing Adjustments: The comparable sales have been adjusted for financing terms, if inecessary. In this analysis, none of the comparable sales required adjustments for financing in relation to the subject. Conditions of.Sale: Conditions of sale adjustments typically reflect the motivations of the buyer and seller. In this analysis,none of the comparable sales required adjustments for conditions of sale in relation to the subject. Date of Sale Adjustments (time): After adjusting all the comparables to a cash equivalent price the sales must be brought current by means of a time adjustment to account for changing market conditions from the date of each .comparable sale to the effective date of this appraisal. In this analysis, none of the comparable sales required adjustments for date of sale in relation to the effective date of this analysis. iLocation Adjustments: These are based on the relative strength of the surrounding land uses and ■ accessibility to major activity centers and access ways. This adjustment is based on each comparable's location relative to the subject. In this analysis,none of the comparable sales required adjustments for location in relation to the subject. 29 Appraisal of 117 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania Development Status: The subject property is currently improved with a dwelling that is uninhabitable; however, may offer contributory value to a buyer. For this reason, all comparables were adjusted upward in relation to the subject property. ' Size: As a general rule,properties with more land area sell for lower prices per acre than properties with less land area, due to economies of scale. In this analysis, none of the comparable sales required adjustments for size in relation to the subject. Utilities: As a factor in land pricing, before purchasing a site a developer will take into consideration if utilities such as water, sewer, and electric are readily available to the site. The availability of such utilities to a site will increase the value of land purchased since monetary reserves are not necessary to provide utilities to the site. Furthermore, in a general sense public utilities are more desirable for a home owner compared to on-site utilities. For this reason, all comparables were adjusted upward in relation to the subject property. Configuration: The subject's parcel is irregular in shape. All comparables are superior in shape. For this reason, all comparables were adjusted downward in relation to the subject property. ' Topography: The subject's parcel has rolling topography. Comparable Sale #1 and Comparable Sale #2 are inferior and of the mountainous variety more so. For this reason, Comparable Sale #1 and Comparable Sale #2 were adjusted upward in relation to the subject property. In addition, Comparable Sale#3 and Comparable Sale#4 are superior and of the level variety more so. For this Ireason, Comparable Sale #3 and Comparable Sale #4 were adjusted downward in relation to the subject property ' n Village Center. The comparable zoning allows for Zoning: The subject property is zoned g p g ' development with a single dwelling similar to what the appraiser has determined to the Highest and Best for the subject property. For this reason, no adjustments to the comparables were warranted for zoning in relation to the subject property. 30 Appraisal of 13.7 Acres at 1055 Rimer Highway,Southampton Township,Cumberland County,Pennsylvania Specific Analysis of the Comparable Sales After the appropriate adjustments have been made, the adjusted unit prices (price per acre) for the comparable sales are: Sale# Adjusted Price per Acre 1 $10,000 2 $16,200 3 $14,600 ' 4 $12,000 MEAN $13,200 ' The comparables indicate a value range of$10,000 per acre to $16,200 per acre with a mean of P g p P ' $13,200 per acre. Equal weight has been placed on all comparables. Based on these specific comparables and discussion, the appraiser is of the opinion that the subject's"as is"market value is best represented by$13,200 per acre. Conclusion It is concluded that the subject property's market value as of the inspection date of October 1, 2013 is equivalent to $13,200 per acre. Applying $13,200 per acre to the subject's area of 13.7 acres indicates an `as is' market value of the subject of$180,840 rounded to $180,000 (One Hundred Eighty Thousand Dollars). An adjustment grid is presented on the following page. 1 31 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania M N w N w N ~ -ti V? °o A CC y i � s a V t .1I ) F 32 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania 1 l 1 PI I 1 . 1 i �C 1 07c 1 - 1 a ' RECONCILIATION AND CORRELATION ' One of the three generally accepted approaches, namely the Sales Comparison Approach, has been developed to appraise the subject parcel comprised of 13.7+ acres located off of Deerfield Lane in ' Southampton Township, Cumberland County, Pennsylvania. The following chart summarizes the indicated value estimates: Value Indications"As Is": Total Estimated Value by Sales Comparison Approach $180,000 Estimated Value by the Income Approach Not Developed Estimated Value by the Cost Approach Not Develo ed Final Estimate of"As Is"Market Value $180,000 In this appraisal,the Income Approach and the Cost Approach have not been presented because the subject is primarily unimproved land. The Sales Comparison Approach is an approach to value wherein the appraiser seeks out sales of similar type properties that have recently sold in the subject's market area. These sales have been ' compared to the subject and adjusted for dissimilarities between the comparable properties and the subject to arrive at an indication of value. Theoretically, the Sales Comparison Approach reflects ' the activities of both buyers and sellers in the market. The inherent weakness in the Sales Comparison Approach is that no two sales or properties are exactly alike. Therefore, adjustments may be applied to each comparable sale based on ' interpretations of market information. This approach is most reliable when there are relatively homogeneous properties or when there are certain strong, similar traits which transcend the sales ' sample. 33 Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania 1 ' The Sales Comparison approach was the only reasonable approach to estimate the market value of the subject. Therefore, in terms of the 13.7+ acres of land located off of Deerfield Lane in Southampton ' Township, Cumberland County, Pennsylvania it is concluded that the market value of the fee simple interests of the subject property.as of the effective date of October 1,2013 is estimated as: t $180,000 (One Hundred Eighty Thousand Dollars). t t 34 ' Appraisal of 13.7 Acres at 1055 Ritner Highway,Southampton Township,Cumberland County,Pennsylvania BASIC ASSUMPTIONS AND LIMITING CONDITIONS(LAND) This appraisal report has been made with the following general assumptions: • The valuation estimate and any market or feasibility conclusions apply only to the property specifically identified and described in this report. • No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. • The property is appraised free and clear of any or all liens encumbrances, encroachments,easements and restrictions,unless otherwise stated. • Responsible ownership and competent property management are assumed. • Information and data contained in the appraisal, although obtained from public record and other reliable sources and, to the extent possible, carefully checked by the appraiser, are accepted as satisfactory evidence upon which rest our final conclusions of value. Any information furnished by others is believed to be reliable, but no responsibility for its accuracy is assumed. Unless otherwise noted, it is assumed that all information known to the client and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property. Any financial information provided to us with respect to the operation of the property, such as financial statements and reports, rent rolls and lease data, is assumed to be complete, true and correct. Any lease, ' mortgage, deed of trust or other agreement or instrument relating to the property reviewed by us is assumed to be legal,valid,binding and enforceable in accordance with its express terms. • All engineering studies are assumed to be correct. The appraiser has made no legal survey nor has he commissioned one to be prepared; therefore, any plot plans or other such illustrative materials in this report are included only to ' help the reader visualize the property. • It is assumed that there are no hidden or unapparent conditions of the property, subsoil or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the appropriate engineering studies that may be required to discover them. Unless otherwise noted, the property is not located in an area in which the purchase of flood insurance is required as a condition for federal related financial assistance. • No responsibility beyond reason is assumed for matters of a legal nature, whether existing or pending. • It is assumed that the property is in full compliance with all applicable federal, state and local laws and environmental regulations unless the lack of compliance is stated,described and considered in the appraisal report. I • It is assumed that all required licenses,certificates of occupancy,consents and other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. • It is assumed that the use of the land and/or improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. • Unless otherwise noted in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation and other potentially hazardous materials may affect the value of the property. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The valuation is subject to modification if any such potentially hazardous materials or conditions are detected by a qualified expert in these areas. The appraiser reserves the right to modify this valuation if so warranted. • The appraiser is not an engineer and any references to physical property characteristics in terms of quality, condition, cost, suitability soil conditions, floor risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering-related issues. ' • If the appraisal is for property to be built or under construction, it is assumed that construction will be completed as outlined in the report. The appraiser reserves the right to review finalized plans,require a current on-site inspection prior to the release of any funds and/or recertify any values reported herein. • Unless otherwise stated in this report, the subject property is appraised ' without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and ' communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability or utility. ' • An appraisal is inherently subjective and represents only an estimate of a property's value. ' • The conclusions stated in the appraisal apply only as of the date indicated and no representation is made as to the effect of any subsequent events. ' • The values reported herein are. only applicable to the Property Rights Appraised in conjunction with the Purpose of the Appraisal and the Function of the Appraisal as herein set fourth; the appraisal is not to be used for any ' other purposes or functions. • Any allocation of the total value estimated in this report between the land and ' the improvements applies only to the stated program of utilization. The separate values allocated to the land and buildings must not be used in conjunction with any other appraisal and are not valid if so used. ' • No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in the appraisal. • Possession of the report,or any type of copy thereof,does not carry with it the iright of publication. • The appraiser, by reason of this appraisal, shall not be required to give ' testimony as Expert Witness in any legal hearing or before any court of law with reference to the property in question unless arrangements have been previously made for just and fair compensation for such services. • Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or Apex Valuation Services) shall be disseminated to the public through advertising, public ' relations, news, sales or other media without the prior written consent and approval of the appraiser. 1 • The forecasts, projections and operating estimates contained herein are based ' on current market conditions, anticipated short-term supply and demand factors and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. This appraisal is based on the ' condition of local and national economies, purchasing power of money and financing rates prevailing at the effective date of value. ' • This appraisal shall be considered only in its entirely and no part of this appraisal shall be utilized separately or out of context. Any separation of the signature pages from the balance of the appraisal report invalidates the conclusions established herein. • The liability of Apex Valuation Services is limited to the client only and to the fee actually received by the appraiser. Further, there is no accountability, ' obligation or liability to any other party. If this report is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment. Apex Valuation ' Services is in no way to be responsible for any costs incurred to discover or correct any deficiencies of any type present in the properties — physically, financially or/or legally. Acceptance and use of this analysis by the client or any third party constitutes acceptance of the above conditions. The appraiser ' has no liability to any parties other than the client. • The value conclusions found herein are subject to these and to any other ' assumptions or conditions set forth in the body of this report but which may have been omitted from these Basic Assumptions and Limited Conditions. t SPECIAL ASSUMPTIONS AND LIMITING CONDITIONS ' In addition to the Basic Assumptions and Limiting Conditions presented previously, this appraisal report has been made with the following Special Assumptions and Limiting Conditions: ' This is a summary appraisal report that is intended to comply with the reporting g requirements set forth under Standards Rule 2-2 (b) of the Uniform Standards of ' Professional Appraisal Practice for a summary appraisal report. As such, it does not present detailed discussions of the data,reasoning and analyses that were used in the appraisal process to develop the opinions of value. Supporting ' documentation concerning the data, reasoning and analyses is retained in the appraiser's file. t t ' APPRAISER CERTIFICATION File No: 1815 ' I certify that,to the best of my knowledge and belief: Apex Valuation Services has not provided any services regarding the subject property within the prior three years in any capacity. The statements of fact contained within this report are true and correct. The appraiser has acted in an independent capacity and the appraisal engagement is not based on a requested minimum valuation, or the approval of a loan. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial and unbiased ' professional analyses, opinions and conclusions. I have no [or the specified] present or prospective interest in the property that is the subject ' of this report and no [or the specified] personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties ' involved with this assignment. My engagement in this assignment was not contingent upon delivering or reporting ' predetermined results. My compensation for completing this assignment is not contingent upon the development or ' reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. ' My analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. ' I have made a personal inspection of the property that is the subject of this report. ' John Cubbage provided significant real property appraisal assistance to the person(s) signing this certification. d 1 ' Joseph W. Elhajj John E. Cubbage Certified General Appraiser .Licensed Appraiser Trainee #GA-001599-L #LAT000150 Joseph W. Elhaj j Appraisal Qualifications Current Position President,Apex Valuation Services Previous Position Weinstein Realty Advisors, Certified General Real Estate Appraiser Weinstein Realty Advisors,Pennsylvania Licensed Real Estate Sales Agent Weinstein Realty Advisors,Real Estate Tax Consultant Real Estate Certificate and Licenses Pennsylvania State Licensed Real Estate Standard Broker#SB065397 (2008 to Current) Pennsylvania State Certified General Real Estate Appraiser#GA-001599-L(1998 to Current) Pennsylvania State Licensed Real Estate Sales Agent#RS-194417L Delaware State Certified General Real Property Appraiser#X1-0000504 Virginia State Certified General Real Estate Appraiser#4001014037 Work Experience 1994 - 1998 Certified General Real Estate Appraiser,Weinstein Realty Advisors 1998 -Present President,Apex Valuation Services ' Real Estate Investment-Activity 1992 -Present Owner: Lincoln Investments, Shippensburg,PA Various Multi-family and Single-family Residential Dwellings 1992 -Present Owner/Partner: BJ Realty Investments, Shippensburg,PA Various Multi-family Residential Dwellings Commercial/Office Properties 2004-Present Owner/Partner: 615 Lincoln Way West Associates, LLC, Shippensburg,PA Various Multi-family Residential Dwellings Commercial/Office Properties 2007 -Present Owner:Nick's Properties, Ltd, LLC, Shippensburg, PA Various Multi-family Residential Dwellings General Education 1988-1990 Pennsylvania State University; Business Administration ' Real Estate Education Commercial Investment Real Estate Institute Financial Analysis for Commercial Investment Real Estate, Course Cl 101 — Las Vegas,NV, 2000 Appraisal Institute I Section 8/HUD: Rent Comparability Course—Washington, DC, 2001 Basic Income Capitalization, Course#310-Boulder Colorado, 1997 Advanced Income Capitalization, Course#510-Boulder Colorado, 1997 1 Affordable Housing Valuation—Atlanta Georgia, 1997 Appraisal Principals, Course#110 -Pittsburgh Pennsylvania, 1995 Appraisal Procedures,Course#120-Pittsburgh,Pennsylvania, 1995 ' Pennsylvania Realtors Institute Appraisal Standards and Ethics, Course#RA5, 1994 ' Current Appraisal Topics, Course#RA8, 1994 Penn State University REST 5200 Contemporary Legal Issues Affecting Real Estate Transactions, Course#00198M, Chambersburg, Pennsylvania Institute of Real Estate Studies PA Appraisal Law and Emerging Issues, 2007 Residential Construction II, 2005 ' Basic Income Property Valuation,2005 Fifteen Hour USPAP Compliance,2005 Real Estate Investment I, 2005 Real Estate Investment II, 2005 Basics of Residential Valuation&Sales Comparison Approach, 2005 Residential Valuation Using Cost&Income Approach,2005 Narrative Valuation Report, 2005 &2007 Real Estate Law, 2005 Real Estate Finance I, 2004 Real Estate Finance II, 2004 Home Inspections, 2004 Brokerage & Office Management, 2004 Residential Construction I, 2004 Pennsylvania Real Estate Salesperson Licensing Requirements, 1991 The Real Estate School of York County Property Investment, 1998 "Let's Get It Right', 1998 New Home Construction, Course III, 1996 ' Ma ryland Association o A � PP raisers' .f FHA Review Guidelines, 1998 ' Education Division of Don Paul Shearer Inc. USPAP and State Appraiser Law Updates,2005. 1 Fifteen Hour USPAP Compliance, 2003 Professional Liability,2003 Tax Assessment Law & Tax Appeals in Pennsylvania, 2003 ' New Concerns and Issues of Real Estate Practice in Pennsylvania, 2002 Contemporary Legal Issues, 2001-2001 Income Capitalization and Partial Interest, 1999 McKissock 2012-2013 National USPAP Update Equivalent(7 Hours), 2013 Land and Site Valuation, 2013 Appraising and Analyzing Industrial/Flex Buildings for Mortgage Underwriting, 2013 Appraising and Analyzing Retail Shopping Centers for Mortgage Underwriting, 2013 Financial Reform,Fannie Mae and Appraisers, 2011 Delaware Appraisal Laws and Regulations,2011 Two Hour Mandated Law Course, 2011 Income Capitalization(Pennsylvania&Delaware),2011 Appraising Apartments: The Basics, (Pennsylvania&Delaware),2011 The Art of Addenda,2011 Introduction to Expert Witness Testimony, 2011 ' Technology for Today's Appraiser, 2009 Private Appraisal Assignments, 2009 Made in America: Appraising Factory Built Housing, 2009 ' Published Articles "Better Measurement of Apartment Vacancy and Collection Loss" 1 The Appraisal Journal, January, 1998 "Assessment of Low Income Housing Tax Credit Projects" The Advisor,A publication of Weinstein Realty Advisors; Volume 1,Issue 2, July ' 1997 Expert Court Testimony Board of Assessment Appeals -Adams County Board of Assessment Appeals -Berks County Board of Assessment Appeals -Blair County ' Board of Assessment Appeals - Cumberland County Board of Assessment Appeals -Dauphin County Board of Assessment Appeals -Franklin County ' Board of Assessment Appeals -Lancaster County Board of Assessment Appeals—Lebanon County Board of Assessment Appeals -Luzerne County Board of Assessment Appeals—Mifflin County Board of Assessment Appeals—Northumberland County Board of Assessment Appeals—Schuylkill County Board of Assessment Appeals—York County Blair County Court of Common Pleas Dauphin County Court of Common Pleas Franklin County Court of Common Pleas Fulton County Court of Common Pleas 1 ' Types of Properties Appraised 1 Apartment Complexes ' Joseph W. Elhajj has personally appraised over 10,000 apartment units in more than 100 complexes which ranged in size from 40 to 800 units. Primary geographic areas for apartment appraisals in Pennsylvania have been Adams County, Berks County, Blair County, Cumberland ' County, Dauphin County, Fayette County, Franklin County, Greene County, Lancaster County, Lawrence County, Lebanon County, Luzerne County, Mifflin County, and York County. Additionally, apartment appraisals have been performed in Delaware, New Jersey, and ' Maryland. Apartment appraisals have been completed for various clients including but not limited to local lenders, regional lenders, property owners, Pennsylvania Department of Housing and Urban Development, and subcontract work from other appraisal firms. Various other.smaller apartment complexes have also been completed for various local lenders. Smaller apartment communities have varied in size from four to forty units. Commercial Facilities Commercial appraisals previously appraised include strip shopping centers, regional malls, self- storage units, fast food restaurants, retail stores, gas stations, and convenience stores. The geographic area of focus for commercial facilities has been primarily south-central Pennsylvania; ' however, various commercial appraisals have been performed throughout Pennsylvania; and also in Delaware,Maryland, Virginia and West Virginia. ' Office buildings Office appraisals have been performed all across central Pennsylvania and include facilities ' ranging in size from 2,800 square feet to 250,000 square feet. Both owner-occupied and investor-owned office facilities have been analyzed. The investor-owned facilities have been both single-tenant and multi-tenant and have ranged from large nationally ranked tenants to small local professional firms as well as government facilities. ' Industrial Facilities Industrial appraisals have been performed for both new construction and existing facilities throughout Pennsylvania. Industrial properties appraised have ranged in size from 9,000 square feet to over 800,000 square feet. Both owner-occupied and investor-owned industrial facilities ' have been appraised. 1 t Land Land valuations have included vacant, undeveloped land in commercial, industrial, residential, manufacturing, agricultural and various other zoning districts. Appraisals have been performed on vacant land for new construction purposes and simply asset management purposes. tConsulting assignments for vacant land include various highest and best use analyses for determining potential development strategies, easements and right of ways. ' Other Other special purpose properties such as government facilities, nursing homes, residential ' subdivisions, mobile home parks, recreational facilities and golf courses have been appraised in various locations across Pennsylvania, Delaware,Maryland,Virginia and West Virginia. ' Residential Residential appraisal reports are primarily limited to Franklin and Cumberland Counties; ' however, have been completed in Adams, York, Dauphin and other Central Pennsylvania Counties. Both limited summary and narrative residential appraisals have been completed based on the needs of our clients. t Commonivealth of Pennsylvania 1. 0 0235473 Department of State Bureau of Professional and Occupational Affairs PO Box 2649 Harrisbur-_ PA 17105-2649 License TN pe ir License Status 10�- ,Z Broker (Sole Proprietor)-Standard u- Active 0 Initial License Date 10/10/2008 JOSEPH ELHAJJ License Number APEX VALUATION SERVICES 1 WEST KING STREET-SUITE 2A SB065397 SHIPPENSBURG PA 17257 Expiration Date 05/31/2014 k.onimissioner of Prolossional ant]Occunational Allairs ILI I.E.LM-461&Y -__- Commonwealth of Pennsylvania 12 0099815 Department of State Bureau of Professional and Occupational Affairs PO Box 2649 11arrisburg PA 17105-2649 Certificate Type I irl Certificate Status Z Certified General Appraiser o r t Active A yri1t3x Initial Certification Date 12/15/1997 JOSEPH W ELHAJJ Certificate i 1 WEST KING STREET Number SUITE 2A ; SHIPPENSBURG PA 17257 GA001599L Expiration Date I 06/30/2015 signau Commissioner of Professional and Occupational Affairs LICENSE NO. STATE OF DELAWARE NOT TRANSFERABLE X1-0000504 DIVISION OF PROFESSIONAL REGULATION 881 Sdver Lake Bivr9 Cannon Building,Suite 200 Dover,DE 19W4-2487 PROFESSION' Certified General Real Property Appraise EXPIRATION DATE 10/31/2013 ISSUED Joseph W. Elhah ' vint ,tiC ADDRESS Joseph W. Elhah '! 7747 Lincoln Way East PROFESSIONAL LICENSE Fayetteville PA 17222 THIS CERTtFtr_S THAT THE PERSON NAMED tS HEREBY LICENSED CONDLICT OR IN THE PROFESSION INDICATED ABOVE THIS ,�----, ----.� 3 2 4 9 51 DOCUMENT M DUI v 1--%1 p UNDER THE LAWS OF TWE STATE Of DELAWARF. DEPARTMENT OF PROFESSIONAL AND OCCUPATIONAL REGULATION ' .-EXPIR- -ES---ON- - 1 COMMONWEALTH OF VIRGINIA NUMBER 9960 Mayland Dr.. Suite 400, Richmond. VA 23233 Telephone:01-31 -2015 001 014037 ' REAL ESTATE APPRAISER BOARD CERTIFIED GENERAL REAL ESTATE APPRAISER JOSEPH W ELHAJJ ' 1 WEST KING STREET SUITE 2A SHIPPENSBURG PA 17257 0000 ' ALTERATION Of 1-5 DOCUMENT USE AFTER EX-AT,ON,OR USE RY PERSONS OR FIRMS OTHER Gordon N. Dixon THAN THOSE NAMED MAY RESULT IN CRIMINAL FROSECUPON UNDER THE CODE OF VIRGINIA ' (SEE REVERSE SIDE FOR NAME AND/OR ADDRESS CHANGE) DISPLAY THIS CERTIFICATE PROMINENTLY a NOTIFY AGENCY WITHIN 10 DAYS O --- 4 Commonwealth of Pennsvlvania 12 0 n 5 9 7 7 0 Department of State Bureau of Professional and Occupational Affairs PO Box 2649 Harrisburp, PA 17105-2649 i4. License Type � �^' � C License Status 1 1 Licensed Appraiser Trainee U. i'" ;ji Active 1 Initial License Date JOHN E CUBBAGE License Number 1010712010 1137 ANTHONY HIGHWAY 1 CHAMBERSBURG PA 17201 LAT000150 Expiration Date , 06/30/2015 1 � Si nat irc ('omens on,,of Pwfcsswnal and(>comanonal Abair, coal 1 1 PENNSYLVANIA STATE BOARD OF CERTIFIED REAL ESTATE APPRAISERS ' REQUIRED CHECKLIST FOR LICENSED APPRAISAL TRAINEE THE BOARD REQUIRES THIS CHECKLIST BE USED WHEN A LICENSED APPRAISAL TRAINEE IS UTILIZED IN THE PERFORMANCE OF AN APPRAISAL. THIS CHECKLIST MUST BE SIGNED BY THE CERTIFIED APPRAISER AND MADE PART ' OF THE APPRAISAL REPORT THAT IS SUBMITTED TO THE CLIENT AND RETAINED IN THE APPRAISAL WORKFILE. BY COMPLETING THIS CHECKLIST AND MAKING IT PART OF THE APPRAISAL REPORT SUBMITTED TO THE CLIENT. THE TRAINEE AND SUPERVISORY APPRAISER HAVE MET APPLICABLE USPAP REQUIREMENTS FOR ACKNOWLEDGMENT AND DISCLOSURE OF SIGNIFICANT REAL PROPERTY APPRAISAL ASSISTANCE. ' THE BOARD CANNOT GRANT EXPERIENCE HOURS FOR APPRAISAL ASSIGNMENTS IN WHICH THE LICENSED APPRAISAL TRAINEE IS NOT PROPERLY ACKNOWLEDGED IN THE REPORT. ' SUBJECT PROPERTY ADDRESS: 1055 RITNER HIGHWAY, SOUTHAMPTON TOWNSHIP, CUMBERLAND COUNTY, PA The licensed appraisal trainee to the certified real estate appraiser has contributed significant real property appraisal ' assistance in this appraisal assignment. Specifically,the licensed appraisal trainee: Yes No N/A X Assisted in the preparation of the workfile with all forms and general information for the appraisal. ' X Assisted in determining the scope of work of the appraisal. X Assisted in gathering and entering data as follows:tax assessment information and map,flood hazard information and map, zoning information and map,location map and similar information ' X Inspected the subject property. If yes,accompanied by supervisor? Yes (yes/no) Type of inspection(check one): interior X exterior X Assisted in analyzing the highest and best use of the subject property. Assisted in gathering information for comparable land sales data,verified and analyzed the comparable land sales data. — Assisted in gathering data for the cost approach,including estimates of cost new and accrued depreciation. X ' Assisted in data and analysis for the income approach,including estimates of market rent,vacancy/expense analysis,and X development of GRM or capitalization rate. X Assisted in gathering and verifying comparable sales data,and analysis of the comparable sales. X Assisted in the exterior.inspection of the sales,rentals,land and/or other comparables. ' X Assisted in sketch drawing. X Assisted in entering subject and comparable data on the form and in the comment areas. ' X Assisted in reconciliation and final opinion of value for the subject property. X Assisted in the final review of this report. X Other 13 acres with dwelling ZJX ' SIGNATURE OF THE APPRAISAL TRAINEE PRINTITYPE NAME: JOHN E.CUBBAGE F ing certified real estate appraiser certifies that the named individual did assist with the items checked above,and that he/she reviewed all work done by the trainee.The supervising appraiser further certifies that the person report as trainee understands the concepts and processes associated with the appraisal process. OF SUPERVISING CERTIFIED REAL ESTATE APPRAISER: / %� � �-�ldenda APEX VALUATION SCRVIcES 1 West King Street.Suite 2A Real Estate Appraising&Consulting Shippensburg PA 17257 Phone 717-530-8701 Fax 717.$30-8704 September 11,2013 r Mr• Richard Fortney Deerfield Development Company, LL•C ' 2121 Old Gatesburg Road State College,PA 16803 Re: Real Estate Appraisal of: Real Estate identified as parcel,or parcel numbers As they relate to the Deerfield Subdivision Located off'of and along,Deerfield Lane Southampton/Shippensburg Townships Cumberland County,Pennsylvania Dear Mr, Fortney, _. i Thank you for the opportunity to provide an appraisal on the above r'efer'enced property. The purpose of the appraisal will be to estimate the market value of the subject property. Market 3 Value is defined as: The most probable price which a property should bring in a competitive and i open market under- all conditions requisite to a fair sale, the buyer- and seller each acting prudently and knowledgeable,and assuming the price is not affected by undue stimulus„ Implicit in this definition are the consummation of a sale as of a specified date and the passing of title E from seller to buyer-under certain specified conditions, as included in the Uniform Standards of Professional Appraisal Practice(USPAP), Ihis appraisal is to be provided for the purpose of'tax assessment appeal.. METHODOLOGY A field inspection will be made of the subject property.. Research of applicable data and consideration of the recognized approaches to value (comparable sales approach, income approach and cost approach), and a final value conclusion will be developed through currently accepted methods and valuation techniques.. Our appraisals are in conformity with the Standards of Professional Practice, FIRREA. The appraisal will be a complete, summary, narrative appraisal in accordance with USPAP September 11,2013 Page 2 FEE I I The fee for the appraisal report, board testimony and any pre-trial conference testimony will be Six Thousand ($6,000.00) Dollars., One half of the fee, in the amount of Three Thousand i ($3,000..00) Dollars, is due upon the signing of'this contract and the balance of Three Thousand ($3,000..00) Dollars is due in full upon receipt of the completed appraisal report. An interest charge of 1..5% will be assessed on any unpaid balance after 30 days of delivery of the final product, and every month thereafter-until the balance is paid in full.. Expert court testimony or personal appearance negotiations/preparations beyond the above mentioned, if'required, will be j billed separately at a rate of'One Hundred Fifty($150.00)Dollars per hour.. REPORT One (1) PDF version and 7 original color copies of the appraisal will be submitted to the undersigned,or their representative, Additional copies, ifneeded,will be provided at$50 each, COMPLETION OF APPRAISAL REPORT We will have the completed appraisal document delivered to you no later than October 18,2013, which is approximately Ihirteen(13)days prior to the hearing date; subsequent to our receipt of the ratified agreement and the following,if'deemed applicable: _X_Building Plans _X Site Plans j X Projected income/expenses 1 X Historical income/expenses for the past three(3)years I X_Construction Costs X _^ Deed/Legal.Description _X_Lease sample Any expense attributable to the attainment of the above information is the responsibility of the client. Any expenses incurred by Apex Valuation Services in procurement of this information will be billed to the client in addition to our fee..(None anticipated) i E 1 1 ' September-11,2013 Page 3 INDEPENDENCE/FIDUCIARY RESPONSIBILITY ' It must be emphasized that the employment to make this appraisal, and the fee, is NOI contingent upon reporting a predetermined value, our market value, or future value of'the subject property. j 1 Apex Valuation Services has no personal interest or bias with respect to the subject matter of'the appraisal report or the parties involved., CONFIDENTIALITY ' Deerfield Development Company, LLC and/or any Representatives thereof', agree not to discuss the appraisal's content without the expressed written consent of Apex Valuation Services with any third party Apex Valuation Services and Employees thereof, agree not to discuss or divulge any confidential information pertaining to the subject property. s I AUTHORIZATION Your authorization to proceed with the appraisal assignment can be initiated by returning a signed copy of this letter which will constitute an agreement between Deerfield Development Company, LLC, or its representative(s), and Apex Valuation Services, for services and fees as ' described herein. We look.forward to this .opportunity to assist you in your real estate appraisal requirements. Please sign and return the enclosed copy of'this letter to the undersigned, acknowledging receipt ' of this letter and the facts stated in it.. ' Cordially, I agree with the above terms and conditions, APEX VAz U.4TION SER was v Z � � Date: Joseph W Elhajj Richard Fortney ' APEX VALUAI ION SERVICES REPRESENIATWE FOR DEERFIELD DEVELOPMENT CO,LLC i into !1IRM UP1 Numbers; 1 39-12-0320-002,39-12-0320-173,39-12-0320-184,39.12-0320-185, 39-12-0320-186, 39-12-0320-293, 39-12-0320-292, 39-12-0320-291, 39-12-0320-290, 39-12-0320-289, 39.12-0320-288, 39-12-0320-287,39-12-0320-286,39-12-0320-285,39-12-0320-284, ' 39-12-0320-283,39-12-0320-282,39-12-0320-281,39-12-0320-280,39-12-0320-279, 39-12.0320.278,39-12-0320-161,39-12-0320-160,39.12-0320.159,39-12-0320-157, 39-12-0320-156,39-12-0320-155,39-12-0320-154,312-0320-153,39-12-0320-152, 39-12-0320-151,39-12-0320-150,39-12-0320-149,36-12-0320-066,36-12-0320-065, 1 36-12-0320-064,36-'12.0320.063,36-12-0320-062,36-12-0320-061,36-12-0320.060, 39-12-0320-112,39-12-0320-111,and 39-12-0320-108 ' Special Warranty Deed This Indenture, made' FIRST COMMONWEALTH DANK�nn ay of 2013, between Pennsylvania bankirt institution with a last known address of P.O.Box 400,654'Philadelphia Street, Indiana,Pennsylvania 15701,GRANTOR,and DEERFIELD DEVELOPMENT COMPANY,LLC,a Pennsylvania limited liability company with a mailing address at 2121 Old Gatesburg Road, Suite 200, State College, Pennsylvania 16803,GRANTEE. Witnesseth, that said GRANTOR for and in consideration of the sum of ONE MILLION TWO HUNDRED SEVENTY-FIVE THOUSAND and 00/100THS ' ($1,275,000.00)U.S. DOLLARS paid to the GRANTOR by the GRANTEE does grant,bargain, sell and convey unto the said GRANTEE,their heirs and assigns, ' ALL THAT CERTAIN tract of land located on the north side of Ritner Highway (SR- 011),also known as US Route 11 and on the west side of Newville Road(SR-0533),also known as PA Route 533, said tract is situate partly in Southampton Township and situate partly in ' Shippensburg Township, Cumberland County, Pennsylvania, more fully on a Final Subdivision and Land Development Plan of "'Deerfield" prepared by ELA Group, Inc. and recorded as Instrument No.200739185,said tract of land bounded and described as follows: ' BEGINNING at a point in the centerline intersection of Ritner Highway and Newville Road, thence in the centerline of Ritner Highway, on a curve concave to the south having a central angle of 2°07'08",a radius of 11,459.16, an arc length of 423.79', and the chord thereof ' being South fifty-four degrees twenty-eight minutes fifty-seven seconds West, four hundred twenty-three and seventy-seven hundredths feet(S 54°28' 57" W-423.77'),to a point in Ritner Highway; thence continuing in the centerline of Ritner Highway, South fifty-three degrees ' twenty-five minutes twenty-three seconds West,one thousand two hundred eighty-six and fifty- four hundredths feet(S 530 25'23"W- 1,286.54')to a point in the centerline of Ritner Highway; thence continuing in the centerline of Ritner Highway, on a curve concave to the south,having a ' central angle of 8"30' 00", a radius of 5,729.58', an are length of 850.00', and the chord thereof being South forty-nine degrees ten minutes twenty-three seconds West, eight hundred forty-nine and twenty-two hundredths'feet(S 490 10'23"W-849.22'), to a point in the centerline of Ritner ' Special Warranty Deed—Page 2 ' Highway; thence continuing in the centerline of Ritner Highway, South'forty-four degrees fifty- five minutes twenty-three seconds West, three hundred eighty-four and eighty-three hundredths feet (S 440 55' 23" W - 384.83), to a point in the centerline of Ritner Highway; thence leaving Ritner Highway, partially by lands of Amerigas Propane, LP, North forty-five degrees fifty-six minutes thirty-one seconds West, twenty-five and zero hundredths feet (N 450 56' 31" W - 25.00'),to a point on the existing northern right-of-way line of Ritner Highway;thence along the existing northern right-of-way line of Ritner Highway, North forty-four degrees fifty-five minutes twenty-three seconds East,three hundred eighty-five and twenty hundredths feet(N 44° 55' 23" E - 385.20'), to a point on the existing northern right-of way line of%trier Highway; t thence continuing on the existing northern right-of-way line of Ritner Highway on a curve concave to the south having a central angle of 000 28' 13", a radius of 5,754.28', an arc length of 47.22', and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East, forty-seven and twenty-two hundredths feet (N 451 09' 29" E - 47.221), to a point on the ' northern existing right-of-way line of Ritner Highway; thence leaving the northern right-of-way line of Ritner Highway, by Lot No.l of"Deerfield",North forty-four degrees thirty-six minutes twenty-five seconds West,two hundred eighty and thirty-five hundredths feet(N 440 36125"W- ' 280.35'), to a point; thence continuing by Lot No. i of"Deerfield", North forty-six degrees zero minutes forty-nine seconds East,three hundred seventeen and twenty hundredths feet(N 461 00' 49" E - 317.20") to a point; thence continuing by Lot No.1 of"Deerfield", North seventy-three degrees fifty-five minutes forty-three seconds East, forty-five and one hundredths feet(N 73'55' 43" E - 45.011) to a point on the western right-of-way line of Deerfield Lane; thence along the western right-of-way line of Deerfield Lane on a curve concave to the east, having a central ' angle of 30° 41'27", a radius of.530.00', an arc length of 283.90', and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West, two hundred eighty and fifty- one minutes(N 00°43' 34"W 280.511,to a point on the western right-of-way line of Deerfield ' Lane; thence continuing on the western right-of-way line of Deerfield Lane, North fourteen degrees thirty-seven minutes nine seconds East,one hundred fifteen and twenty-one hundredths feet (N 14° 37' 09" E 115.21), to a point on the western right-of-way line of Deerfield Lane; thence-continuing on the western night-of-way line of Deerfield Lane on a curve concave to the west having a central angle of 740 13' 16",a radius of 595.00',an arc length of 770.76',the chord thereof being North twenty-two degrees twenty-nine minutes twenty-nine seconds West, seven ' hundred seventeen and ninety-nine hundredths feet(N 221 29' 29" W 717.99'),to a point on the western right-of-way line of Deerfield Lane; thence leaving the western right-of-way line of Deerfield Lane and by Lot No. 3 of"Deerfield", South thirty-six degrees fifty minutes fifty- seven seconds West,one thousand six hundred thirty-nine and sixteen hundredths feet(S 360 50' ' 57" W - 1,639.16) to a point on line of lands of Shippensburg Mobile Estates, Inc.; thence by lands of Shippensburg Mobile Estates, Inc.,North forty-five degrees four minutes five seconds West, nine hundred two and ninety-nine hundredths feet (N 45° 04'05" W 902.99), to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South forty-six degrees five minutes two seconds West, one thousand one hundred ninety-five and fifty-five hundredths feet (S 466 05' 02" W 1,195.55) to a point; thence continuing by lands of Shippensburg Mobile ' Estates, Inc., South thirty-six degrees forty-one minutes thirteen seconds East, four hundred ninety-nine and twenty hundredths feet(S 360 41' 13" E-499:20'),to a point; thence continuing by lands .o_f Shippensburg Mobile Estates, Inc., South forty-six degrees thirteen minutes fifty- ' Special Warranty Deed—Page 3 ' nine seconds East, six hundred ninety-six and twenty-eight hundredths feet (S 46° 13' 59" E - 696.28'), to a point,being the northeastern corner of lands of Pennsylvania Electric Co.; thence by lands of William S.&Mary T. Craig,North forty-six degrees thirty-two minutes one second ' West, six hundred ninety-six and seventy-one hundredths feet (N 46° 32' 01" W 696.71), to a point;thence by lands of Paul E. &Grace Hombaker,North thirty-six degrees forty-one minutes forty-five seconds West, five hundred and ninety-three hundredths feet (N 36° 41' 45" W - ' 500.93 ), to a point; thence by lands of Laverne B. & Norene S. Sensenig, North forty-six degrees five minutes two seconds East, one thousand four hundred thirty-one and ninety-four hundredths feet(N 46° 05' 02" E - 1,431..94), to a 1" iron pipe (found); thence continuing by ' lands of Laverne B. and Norene S. Sensenig,North fifty degrees forty-two minutes twenty-eight seconds West,five hundred forty and twenty-two hundredths feet(N 500 42'28"W- 540.22'),to a No.5 rebar (set); thence continuing by lands of Laverne B. and Norene S. Sensenig, North ' fifteen degrees thirty-four minutes fifty seconds East, one hundred ninety-five and sixteen hundredths feet(N 15°34' 50"E- 195.16'),to a 1" iron pipe(found);thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifteen degrees fifty-four minutes two seconds East,six hundred thirty-four and eighty-eight hundredths feet(N 15°54'02"E-634.88'),to a 1" ' iron pipe(found);thence by lands of Ray E. and Jean L. Thrush,North eighty-five degrees zero minutes thirty-five seconds East, eight hundred forty-two and ninety-three hundredths feet (N 850 00' 35" E- 842.93),to a 1" iron pipe(found); thence by lands of The Chester L. Smith and ' Pauline M. Smith Revocable Trust,North eighty-five degrees fifty-two minutes twelve seconds East, one thousand Seven hundred eighty-six and fifty hundredths feet (N 8511 52' 12" E 1,786.501, to a 1" iron pipe (found); thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust,North thirty-nine degrees fifty-three minutes sixteen seconds East, seventy-four and twenty-six hundredths feet (N 39° 53' 16" E - 74.26), to a No. 5 rebar (set); thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South forty-seven degrees twenty-eight minutes two seconds East, three hundred twenty- one and ninety-three hundredths feet (S 470 28' 02" E - 321.93"), to a 30" cherry_ tree; thence continuing by lands of The Chester L.Smith and Pauline M.'Smith Revocable Trust,North forty- ' two degrees forty-four minutes twenty-three seconds East, five hundred thirteen and one hundredth feet (N 420 44' 23" E - 513.01') to a fence post; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South thirty-five degrees thirty-nine ' minutes thirty-three seconds East, eighty-five and seventy-six hundredths feet (S 35° 39' 33" E 85.761), to a railroad spike (found) in the old roadbed of Newville Road; thence in and along Newville Road, South twenty-five degrees twenty-one minutes five seconds East, two hundred. twenty-four and nine hundredths feet(S 25°21'05"E-224.09),to a point in or near the existing ' centerline of Newville Road; thence in or near the centerline of Newville Road, South twenty- nine degrees forty-five minutes ten seconds East, eight hundred fifty-nine and fifty-five hundredths feet(S 29°45' 10" E - 859.551, to a point in the centerline intersection of Newvil 1 e ' Road and Ritner Highway,the point of Beginning. CONTAINING 127.544 Acres. ' EXCEPTING therefrom the following tracts of land: i Special Warranty Deed Page 4 ALL THAT CERTAIN tract of land situate at the north intersection of Deerfield Lane and Inverness Lane,located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No. 303 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument#200934950 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 13,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Jericho Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 382 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which ' tract was conveyed as Instrument#201106706 recorded in the office for the Recording of Deeds in and for Cumberland Co.on February 28,2011. ALL THAT CERTAIN tract of land situate on the southeastern night of way of Deerfield � y Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 144 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as instrument#201013738 recorded in the office for the Recording of Deeds in and for Cumberland Co.on May 27,2010. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 145 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200936393 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 27,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton'Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 146 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942672 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 147 on a Final Subdivision 'Plan of"Deerfield", recorded in the ' office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185, which tract was conveyed as Instrument#200942673 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land I Special Warranty Deed—Page 5 shown more fully as Lot No. 275 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as Instrument#200942674 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 276 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as Instrument#200942675 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 277 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which ' tract was conveyed as instrument#200942676 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 278 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument 4200739185, which tract was conveyed as Instrument#200942677 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009.. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 279 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as Instrument#200942678 recorded in the office for the Recording of Deeds ' in and:for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 280 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as instrument#200942679 recorded in the office for the Recording of Deeds in and for Cumberland Co.on December 29,2009. BEING THE SAME PREMISES which the Sheriff of Cumberland County, by deed dated December 7, 2011, and recorded February 17, 2013 in the Office for the Recorder of Deeds in and for Cumberland County, Pennsylvania, at Instrument No. 201204906, granted and conveyed unto First Commonwealth Bank. Special Warranty Teed—Page 6' with the appurtenances: To Have and To Hold 'the same to and for the use of the said GRANTEE, their heirs and assigns forever, and the GRANTOR for its successors and assigns hereby covenants and agrees that it will WARRANT SPECIALLY the property hereby conveyed. GRANTOR does not warrant specially any right, title or interest in and to any oil, gas, coal bed methane, coal, or any hydrocarbon or non-hydrocarbon minerals or elements or constituents thereof in any physical state or form whatsoever(hereinafter collectively referred to as "mineral rights"); however, GRANTOR does hereby quit claim unto GRANTEE any right, title or interest in and to any mineral rights which GRANTOR may have acquired by virtue of the conveyance of the property to GRANTOR by the hereinabove mentioned Deed. In Witness Whereof,the said GRANTOR has hereunto set its hand and seal the day and year first ' above written. WITNESS/ATTEST, FIRST COMMONWEALTH BANK, a.Pennsylvania banking institution By: EAL} Name• !��.�-��,� . Title: . �I I� it N I i ' Special Warranty Deed Page 7 ACKNOWLEDGMENT STATE OF PDT. ' COUNTY OF T11a 0.r 1 On this, the — day of Ja 14 2013, before me, a Notary Public, the undersigned officer, personally appeared 011„d 1.4 Lcr- , of First Commonwealth Bank;known to me(or satisfactorily proven)to be the person whose name is subscribed to the within instrument, and acknowledged that he/she executed the same for the purposes therein contained on behalf of First Commonwealth Bank in his/her capacity as,5 Y-P IN WITNESS WHEREOF,I have hereunto set my hand and seal. COMMONWEALTH OF PENNSYLVANIA nAl- KAREN JANE MASON,HORRV PURLIC Notary Publi INDIANA 8Q801JfrH.INDIANA COUNTY MY COMMIS_SIGN EXPIRES MAY 1,2017 Certificate of Residence I hereby certify that the precise residence of the GRANTEE herein is 2121 Old Gatesburg Road,Suite 200,State College,Pennsylvania 16803. I Signature 1 1 - ROBERT P. ZIEGLER 1 RECORDER OF DEEDS CUMBERLAND COUNTY 1 COURTHOUSE SQUARE ' CARLISLE,PA 17013 717-240-6370 ' ' Instrument Number-201325969 Recorded On 8/6/2013 At 8:14:33 AM *Total Pages-8 *instrument Type-DEED Invoice Number-143873 User ID-SW 1 *Grantor-FIRST COMMONWEALTH BANK *Grantee-DEERFIELD DEVELOPMENT COMPANY LLC *Customer-APPLE LEAF ABSTRACTING&SETTLEMENT CO 1 *FEES STATE TRANSFER TAX $12,750.00 Certification Page STATE WRIT TAX $0.50 STATE JCS/ACCESS TO $23.50 DO NOT DETACH JUSTICE RECORDING FEES - $17.50 RECORDER OF DEEDS This page is now part ' PARCEL CERTIFICATION $645.00 of this legal document. FEES AFFORDABLE HOUSING $11.50 ' COUNTY ARCHIVES FEE $2.00 ROD ARCHIVES FEE $3.00 SHIPPENSBURG AREA $6,375.00 SCHOOL DISTRICT SHIPPENSBURG $1,020.00 TOWNSHIP SOUTHAMPTON TOWNSHIP $5,355.00 ' TOTAL PAIN $26,203.00 1 Certify this to be recorded in Cumberland County PA 1 RECORDER O D oS ' *-Information denoted by an asterisk may change during the verification process and may not be reflected on this page. 003MRM 1 III IIIIIIIII�II�IIIIIIIII 1 O 002JZK Tax Parcel Nos. " 39-12-0320-002 39-12-0320-173 39-12-0320-184 39-12-0320-185 ' 39-12-0320-186 39-12-0326-293 39-12-0320-292 39-12-0320-291 39-12-0320-290 39-12-0320-289 39-12-0320-288 39-12-0320-287 i39-12-0320-286 39-120320-285 39-12-0320-284 39-12-0320-283 ' 39-12-0320-282 39-12-0320-281 39-12-0320-280 39-12-0320-279 39-12-0320-278 39-12-0320-161 39-12-0320-160 39-12-0320-159 39-12-0320-157 39-12-0320-156 39-12-0320-155 39-12-0320-154 39-12-0320-153 39-12-0320-152 39-12-0320-151 3912-0320-150 39-12-0320-149 36-12-0320-066 36-12-0320-065 36-12.0320-064 36-12-0320-063 36-12-0320-062 36-12-0320-061 36-12-0320-060 3942-0320-112 39-12-0320-111 39-12-0320-108 Know all Men by these Presents That I,Ronny R. Anderson,Sheriff of the County of Cumberland,In the State of 1 Pennsylvania,for and in consideration of the sum of$1.00(One Dollar),to me in hand ' paid,do hereby grant and convey to First Commonwealth Bank. 2011-6863 Civil Term First Commonwealth Bank Vs DGK Properties LP Atty:Susan P.Peipher I ALL THAT CERTAIN tract of land located on the north side of Ritner Highway(SR-0 11),also ]mown as US Route 11 and on the west side of Newville Road(SR-0533),also]crown as PA 'Route 533,said tract is situate partly in Southampton Township and situate partly in Shippensburg Township,Cumberland County,Pennsylvania,more fully on a Final Subdivision ' and Land Development Plan of"Deerfield"prepared by ELA Group,Inc.and recorded as Instrument No.200739185,said tract of land bounded and described as follows: n ..... « ,.... �..w..+�:..:.. .v,,,,Vw..,...._-_...,k.,�Nre,�al....y.. . ,-..._..+�...w-....wr....:..u_.....w..�... ,..---..r�a.�..rw.rw.re......,..w..�....n...... ' BEGINNING at a point in the centerline intersection of Ritner Highway and Newvlle Road, thence in the centerline of Ritner Highway,on a curve concave to the south having a central angle of 2°07'08',a radius of 11,459.16',an arc length of 423.79',and the chord thereof being South fifty-four degrees twenty-eight minutes fifty-seven seconds West,four hundred twenty-three and seventy-seven hundredths feet(S 54°28'57"W-423.77'),to a point in Ritner Highway;thence continuing in the centerline of Ritner Highway,South fifty-three degrees twenty-five minutes ' twenty-three seconds West,one thousand two hundred eighty-six and fifty-four hundredths feet (S 530 25'23"W-1,286.54')to a point in the centerline of Ritner Highway;thence continuing in the centerline of Ritner Highway,on a curve concave to the south,having a central angle of 80 30'00",a radius of 5,729.58 ,an are length of 850.00',and the chord thereof being South forty- 'nine degrees ten minutes twenty-three seconds West,eight hundred forty-nine and twenty-two hundredths feet(S 490 10'23"W-849.22'),to a point in the centerline of Ritner Highway; thence continuing in the centerline of Ritner Highway,South forty-four degrees fifty-five minutes twenty-three seconds West,three hundred eighty-four and eighty-three hundredths feet(S 44°55' 23"W-384.83'),to a point in the centerline of Ritner Highway-,thence leaving Ritner Highway, partially by lands of Amerigas Propane,LP,North forty-five degrees fifty-six minutes thirty-one seconds West,twenty-five and zero hundredths feet(N 45°56'31"W-25:00'),to a point on the ' existing northern right-0f---way line of Ritner Highway;thence along the existing northern right- of-way line of Ritner Highway,North forty-four degrees fifty-five minutes twenty-three seconds East,three hundred eighty-five and twenty hundredths feet(N 44°55'.23"E-385.20'),to a point on the existing northern right-of-way line of Ritner Highway;thence continuing on the existing northern right-of--way line of Rimer Highway on a curve concave to the south having a central angle of 000 28' 1379 a radius of 5,754.28 ,an arc length of 47.22,and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East,forty-seven and twenty-two ' hundredths feet(N 45°09'29"E-47.22'),to a point on the northern existing right-of-way line of Ritner Highway;thence leaving the northern right-of-way line of Ritner Highway,by Lot No.1 .of"Deerfield",North forty-four degrees thirty-six minutes twenty-five seconds West,two hundred eighty and thirty-five hundredths feet(N 440 36'25"W-280.35'),to a point;thence continuing by Lot No. 1 of"Deerfield".North forty-six degrees zero minutes forty-nine seconds East,three hundred seventeen and twenty hundredths feet(N 46°00'49"E-317.20')to a point; thence continuing by Lot.No. I of"Deerfield",North seventy-three degrees fifty-five minutes ' forty-three seconds East,forty-five and one hundredths feet(N 730 55'43"E-45.01')to a point on the western right-of-way line of Deerfield Lane;thence along the western right-0f--way line of Deerfield Lane on a curve concave to the east,having a central angle of 30°41'27",a radius of ' .530:00',an are length of 283.90',and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West,two hundred eighty and fifty-one minutes(N 000 43'34"W- 280.51'),to a point on the western right-of-way line of Deerfield Lane;thence continuing on the western right-of-way line of Deerfield Lane,North fourteen degrees thirty-seven minutes nine seconds East,one hundred fifteen and twenty-one hundredths feet(N 14°37'09"E- 115.21%to a point on the western right-of-way line of Deerfield Lane;thence continuing on the western right-of-way line of Deerfield Lane on a curve concave to the west having a central angle of 740 ' 13' 16",a radius of 595.00',an arc length of 770.76',the chord thereof being North twenty-two degrees twenty-nine minutes twenty-nine seconds West,seven hundred seventeen and ninety-nine hundredths feet(N 220 29'29"W 717.99'),to a point on the western right-of-way line of Deerfield Lane;thence leaving the western right-of-way line of Deerfield Lane and by Lot No.3 of"Deerfield".South thirty-six degrees fifty minutes fifty-seven seconds West,one thousand six hundred thirty-nine and sixteen hundredths feet(S 36°50' 57"W- 1,639.16')to a point on line of lands of Shippensburg Mobile Estates,Inc.;thence by lands of Shippensburg Mobile Estates, ' Inc.,North forty-five degrees four minutes five seconds West,nine hundred two and ninety-nine hundredths feet(N 450 04'05"W 902.99'),to a pointy thence continuing by lands of Shippensburg Mobile Estates,Inc.,South forty-six degrees five minutes two seconds West,one 1 thousand one hundred ninety-five and fifty-five hundredths feet(S 460 05'02"W 1,195.55')to a point;thence continuing by lands of Shippensburg Mobile Estates,Inc.,South thirty-six degrees forty-one minutes thirteen seconds East,four hundred ninety-nine and twenty hundredths feet(S 360 41' 13"E-499.20'),to a point;thence continuing by lands of Shippensburg Mobile Estates, Inc.,South forty-six degrees thirteen minutes fifty-nine seconds East,six hundred ninety-six and twenty-eight hundredths feet(S 460131 59"E-696.281),to a point,being the northeastern comer ' of lands of Pennsylvania Electric Co.;thence by lands of William S.&'Mary T.Craig,North forty-six degrees thirty-two minutes one second West,six hundred ninety-six and seventy-one hundredths feet(N 460 32'01"W 696.71'),to a point;thence by lands of Paul E.&Grace Hornbaker,North thirty-six degrees forty-one minutes forty-five seconds West,five hundred and ' ninety-three hundredths feet(N 36°41'45"W-50093');to a point;thence by lands of Laverne B.&Norene S.Sensenig,North forty-six degrees five minutes two seconds East,one thousand four hundred thirty-one and ninety-four hundredths feet(N 46°05'02"E-1,431.94'),to a 1" iron pipe(found);thence continuing by lands of Laverne B.and Norene S.Sensenig,North fifty ' degrees forty-two minutes twenty-eight seconds West,five hundred forty and twenty-two hundredths feet(N 50°42'28"W-540.22'),to a No.5 rebar(set);thence continuing by lands of Laverne B.and Norene S.Sensenig,North fifteen degrees thirty-four minutes fifty seconds East, t one hundred ninety-five and sixteen hundredths feet(N 15°34' 50"E-195.16'),to a 1"iron pipe (found);thence continuing by lands of Laverne B..and Norene S.Sensenig,North fifteen degrees fifty-four minutes two seconds Fast,six hundred thirty-four and eighty-eight hundredths feet(N 15"54'02"E 634.88'),to a 1"iron pipe(found);thence by lands of Ray E.and Jean L.Thrush, ' North eighty-five degrees zero minutes thirty-five seconds East,eight hundred forty-two and ninety-three hundredths feet(N 850 00'35"E-84293'),to a 1"iron pipe(found);thence by ]ands of The Chester L.Smith and Pauline M.Smith Revocable Trust,North eighty-five degrees fifty-two minutes twelve seconds East,one thousand seven hundred eighty-six and fifty hundredths feet(N 85°52' 12"E- 1,786.50'),to a I"iron pipe(found);thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,North thirty-nine degrees ' fifty-three minutes sixteen seconds East,seventy-four and twenty-six hundredths feet(N 390 53' 16"E-74.26'),to a No.5 rebar(set);thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,South forty-seven degrees twenty-eight minutes two seconds East,three hundred twenty-one and ninety-three hundredths feet(S 47°28'02"E-321.93"),to a ' 30"cherry tree;thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,North forty-two degrees forty-four minutes twenty-three seconds East,five hundred thirteen and one hundredth feet(N 42°44'23"E-513.01')to a fence post;thence ' continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,South thirty- five degrees thirty-nine minutes thirty-three seconds East,eighty-five and seventy-six hundredths feet(S 350 39'33"E 85.76'),to a railroad spike(found)in the old roadbed of Newville Road; thence in and along Newville Road,South twenty-five degrees twenty-one minutes five seconds ' East,two hundred twenty-four and nine hundredths feet(S 25°21'05"E-224.09'),to a point in or near the existing centerline of Newville Road;thence in or near the centerline of Newville Road,South twenty-nine degrees forty-five minutes ten seconds East,eight hundred fifty-nine and fifty-five hundredths feet(S 29°45' 10"E-859.55'),to a point in the centerline intersection of Newville Road and Ritner Highway,°'the point of Beginning. CONTAINING 127.544 Acres. BEING THE SAME PREMISES which.Trust Investment Group,LLC,a Pennsylvania Limited Liability Corporation,by deed dated October 12,2007 and recorded October 16,2007 in the ' Office for the Recorder of Deeds'in and for Cumberland County,Pennsylvania,to Instrument No. 200739593,granted and conveyed unto DGK Properties,LP,its successors and assigns. EXCEPTING therefrom the following tracts of land! ALL THAT CERTAIN tract of land situate at the north intersection of Deerfield Lane and Inverness Lane,located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.303 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument #200739185,which tract was conveyed as Instrument#200934950 recorded in the office for the ' Recording of Deeds in and for Cumberland Co.on October 13,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Jericho Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.382 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was ' conveyed as Instrument#201106706 recorded in the office for the Recording of Deeds in and for Cumberland Co.on February 28,2011. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No. 144 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was ' conveyed as Instrument#201013738 recorded in the office for the Recording of Deeds in and for Cumberland Co.on May 27,2010. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown f more fully as Lot No. 145 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was ' conveyed as Instrument#200936393 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 27,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No. 146 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was ' conveyed as Instrument#200942672 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.147 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was ' conveyed as Instrument#200942673 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.275 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was ' conveyed as Instrument#200942674 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. 1 ...� .... ..�..... . ..wr u.r.w� - - - - - ..�,...,+ . . .........«.-�...a..»...`....�....�_ ....�...+r..-ter...—,-.�...............er,. . 1 ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.276 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#E200739185,which tract was conveyed as Instrument#200942675 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.277 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942676 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as'Lot No.278 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in.and for Cumberland Co.,as instrument#200739185,,which tract was conveyed as Instrument#200942677 recorded in the office for the Recording of Deeds in and for i Cumberland Co.on October 29,2009.. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.279 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942678 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.280 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942679 recorded in the office for the Recording of Deeds in and for Cumberland Co.on December 29,2009. 1 1 The same having been sold by:me to the said grantee on the 7th day of December, Anno Domini Two Thousand and Eleven(2011)after due advertisement according to law,under and by Virtue of a Writ of Execution issued on the 22nd of July Anno Domini 2011 out of the Court of Common Pleas of Cumberland County,Pennsylvania,as ! of Civil Term,Two Thousand and Eleven(2011)Number 6863 at the suit of First Commonwealth Bank v DGK Properties,LP. In Witness Whereof,I have hereunto affixed my signature this 17th day of January Anno Domini Two Thousand and Twelve(2012) !onn R.Anderson,Sheriff ' Commonwealth of Pennsylvania,ss. County of Cumberland ' Before the undersigned,David D.Buell,Prothonotary of the Court of Common 1 pleas of Cumberland County,Pennsylvania,personally appeared Ronny R.Anderson, Sheriff of Cumberland County aforesaid,and in due form of law declared that the facts 1 Set forth in the foregoing Deed are true,and that he acknowledged the same in order that r Said deed might be recorded. Witness my hand and seal of said Court,this 17th day of January Anno Domini Two Thousand and Twelve (2012) Proth tary f r.o,honota y.r.— —A.- .F rH�earrsre.PA f y t:qires tM Monday of fan.2011 I hereby certify at the residence And Post Office address of the Within Grantee is I 654 Phildelphia Street Indiana,'PA 15701 Solicitor ;:,�,�:x'`"•`:1;2';-�v,+'•.Q,�; j�r�ttt;ls• ' Rev-183(04-10) RECORDER'S USE ONLY Pennsylvania REALTY TRANSFER TAX Stare Tax Paid DEPMMtflMegOfREVENUE STATEMENT OF VALUE Book Number Bureau of Individual Taxes Dept.280603 See Reverse for Instructions Page Number 1 41 Harrisburg,PA 17128-0603 Date Recorded Z Complete each section and file in duplicate with Recorder of Deeds when(1)the full value/consideration is not set forth in the deed,(2)the deed is without consideration or by gift,or(3)a tax exemption is claimed. A Statement of Value is not required if the transfer is wholly exempt from tax based on family relationship or public utility easement. If more space is needed,attach additional sheets. A. CORRESPONDENT-All inquiries may be directed to the following person: Name Telephone Number Susan P.Peipher,Esq..Blakinger.Byler&Thomas,P.C. (717)299-1100 Street Address City State IZIP Code 28 Penn Square Lancaster IPA P 7603 ' B. TRANSFER DATA C.Date of Acceptance of Document- Grantor(sMssor(s) Grantee(syl essee(s) Shertff of Cumberland County First Commonwealth Bank Mailing Address MatAng Address 1 Courthouse Scivare Room 303 654 Philadelphia St. City FPAte P Code City State ZIP Code Carlisle 17013 Indiana PA 15701 ' D. REAL ESTATE LOCATION Street Address City,Township,Borough 1041 Ritner Highway Shippertsburg,Southam ton Township County School District Tax Parcel Number ' Cumberland Shippensburg 39.12.0320-002 E. VALUATION DATA–WAS TRANSACTION PART OF AN ASSIGNMENT OR RELOCATION? O Y ■N I 1.Actual Cash Con id _7 +Other Consideration 3.TIC Consideration 4.County Assessed Value 5.Common Level Ratio Factor 6.Fair Market Value --$2,677.8m.00 x 7 0 F. EXEMPTION DATA i ' 1a.Amount of Exemption Claimed 1b.Percentage of Grantor's Interest in Real Estate 1c.Percentage of Grantor's interest Conveyed 100% 100% 100% Check Appropriate Box Below for Exemption Claimed. ' • Will or intestate succession. (Name of Decedent) (Estate File Number) • Transfer to a trust. (Attach complete copy of trust agreement identifying all beneficiaries.) • Transfer from a trust. Date of transfer Into the trust If trust was amended attach a copy of original and amended trust. • Transfer between principal and agent/straw party.(Attach complete copy of agency/straw party agreement.) ' D Transfers to the Commonwealth,the U.S.,and instrumentalities by gift,dedication,condemnation or in lieu of condemnation. (If condemnation or in lieu of condemnation,attach copy of resolution.) ■ Transfer from mortgagor to a holder of a mortgage in default. (Attach copy of mortgage and note/assignment.) ' O Corrective or confirmatory deed.(Attach complete copy of deed to be corrected or confirmed.) I] Statutory corporate consolidation,merger or division.(Attach copy of articles.) O Other(Please explain exemption claimed.) Under pe hies of law.I declare that I have examined this statement. Including accompanying: information, and to the best of my j. ' knowleftii and belief a orrect and complete. Slgnatu V7 M- 1 rty Date ' FAILUR P THISF?r PROPERLY OR ATTACH REQUESTED DOCUMENTATION MAY RESULT IN THE RECORDER'S REFUSAL TO RECORD THE DEED. *" " 'I ROBERT P. ZIEGLER ' RECORDER OF DEEDS CUMBERLAND COUNTY I 1 COURTHOUSE SQUARE - ' CARLISLE, PA 17013 717.240-6370 Instrument Number-201204906 ' Recorded On 2/17/2012 At 1:38:38 PM *Total Pages-9 i "Instrument Type-DEED-SHERIFF'S Invoice Number-102288 User ID-MSW •Grantor-DGK PROPERTIES LP *Grantee-FIRST COMMONWEALTH BANK •Customer-BLAKINGER BYLER&THOMAS ' *FEES STATE WRIT TAX $0.50 Certification Page STATE JCS/ACCESS TO $23.50 JUSTICE DO NOT DETACH RECORDING FEES — $18.50 RECORDER OF DEEDS PARCEL CERTIFICATION $430.00 This page is now pact t FEES of this legal document. AFFORDABLE HOUSING $11.50 COUNTY ARCHIVES FEE $2.00 ' ROD ARCHIVES FEE $3.00 SHIPPENSBURG AREA SCHOOL $0.00 DISTRICT ' SHIPPENSBURG TOWNSHIP $0.00 SOUTHAMPTON TOWNSHIP $0.00 TOTAL PAID $489.00 ' I Certify this to be recorded in Cumberland County PA /P RECORDER O -information denoted by an asterisk may change during the verification process and may not be reflected on this page. 002JZK 1 Illillllll!!(lIIINl��l� 4 1 ,5q3 1 Prepared by: .Bradley A.Zuke,Esq. Appel&Yost LLP 33 North Duke Street Lancaster,PA 17602 1 (717)394-0521 Return to: Bradley A.Zuke,Esq. Appel&Yost LLP 1 33 North Duke Street Lancaster,PA I7602 (717)394-0521 1 Parcel 104: Part of 39-12-0320-015 �. Part of 39-12-0320-002 DEED THIS INDENTURE made the l�Z�of U in the year Two 1 .- y Thousand Seven(2007). 1 BETWEEN,TRUST INVESTMENT GROUP,LLC,a Pennsylvania limited liability company,with offices at 95 Brim Boulevard,Chambersburg,Pennsylvania,(hereinafter called the Grantor)party of the one part, 1 AND iDGK PROPERTIES,LP,a Pennsylvania limited partnership,with offices at 408 West James Street, Lancaster,Pennsylvania,(hereinafter called the Grantee)party of the other part, 1 WITNESSETH that the said Grantor for and in consideration of the sum of Six Million Three Hundred Thousand and 00/100($6,300,000.00)Dollars,lawful money of the United States 1 of America unto it well and truly paid.by the said Grantee,at or before the sealing and delivery thereof,the receipt whereof is hereby acknowledged,has granted,bargained and sold, released and confirmed,and by these presents does grant,bargain and sell,release and confirm unto the E said Grantee,its successors and assigns, 1 ALL THAT CERTAIN tract of land located on the north side of Ritner Highway(SR- 1 011). also'known as US Route l I and on the west side of Newville Road(SR-0533),also known as PA Route 533,said tract is situate partly in Southampton Township and situate partly in Shippensburg Township,Cumberland County,Pennsylvania,more fully on a Final Subdivision 1 and Land Development Plan of"Deerfield`.'prepared by ELA Group, Inc.and recorded as 1 Instrument No.200739185,said tract of land bounded and described as follows: BEGINNING at a point in the centerline intersection of Ritner Highway and Newvillc Road,thence in the centerline of Ritner Highway,on a curve concave to the south having a central angle of 2'07' 08",a radius of 1 1,459.16',an arc length of 423.79',and the chord thereof being South fifty-four degrees twenty-eight minutes fifty-seven seconds West,four hundred twenty-three and seventy-seven hundredths feet(S 54' 28' 57"W 423.77'),to a point in Ritner Highway; thence continuing in the centerline of Ritner Highway,South fifty-three degrees twenty-five minutes twenty-three seconds West,one thousand two hundred eighty-six and fifty- four hundredths feet(S 53' 25' 23"W- 1,286.54')to a point in the centerline of Ritner Highway; thence continuing in the centerline of Rimer Highway,on a curve concave to the south, having a central angle of 8' 30' 00",a radius of 5,729.58',an are length of 850.00',and the chord thereof being South forty-nine degrees ten minutes twenty-three seconds West,eight hundred forty-nine and twenty-two hundredths feet(S 49' 10' 23"W- 849.22'),to a point in the 1 centerline of Ritner Highway;thence continuing in the centerline of Ritner Highway, South forty- four degrees fifty-five minutes twenty-three seconds West,three hundred eighty-four and eighty- three hundredths feet(S 44' 55' 23"W-384.83'),to a point in the centerline of Ritner Highway; thence leaving Ritner Highway,partially by lands of Amerigas Propane,LP,North forty-five degrees fifty-six minutes thirty-one seconds West,twenty-five and zero hundredths feet(N 45' 56' 31"W-25.00'),to a point on the existing northern right-of-way line of Ritner Highway; thence along the existing northern right-of-way line of Ritner Highway,North forty-four degrees fifty-five minutes twenty-three seconds East,three hundred eighty-five and twenty hundredths feet(N 44' 55' 23"E-385.20'),to a point on the existing northern right-of-way line of Ritner t Highway;thence continuing on the existing northern right-of-way line of Ritner Highway on a I curve concave to the south having a central angle of 00'28' 13",a radius of 5,754.28',an arc length of 47.22',and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East,forty-seven and twenty-two hundredths feet(N 45'09' 29"E-47.22'),to a point on the northern existing right-of-way line of Ritner Highway;thence leaving the northern right- of-way line of Ritner Highway,by Lot No. I of"Deerfield",North forty-four degrees thirty-six minutes twenty-five seconds West,two hundred eighty and thirty-five hundredths feet(N 44' 36' 25-' W -280.35'),to a point;thence continuing by Lot No. I of"Deerfield",North forty-six 1 degrees zero minutes forty-nine seconds East, three hundred seventeen and twenty hundredths feet(N 46. 00' 49"E-317:20')to a point;thence continuing by Lot No. I of"Deerfield", North seventy-three degrees fifty-five minutes forty-three seconds East,forty-five and one hundredths I feet(N 73'55' 43"E -45.01')to a point on the western right-of-way line of Deerfield Lane; thence along the western right-of-way line of Deerfield Lane on a curve concave to the east, having a central angle of 30'41' 27",a radius of 530.00',an arc length of 283.90',and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West,two hundred eighty and fifty-one minutes(N 00' 43' 34"W -280.51'),to a point on the western right-of-way r line of Deerfield Lane;thence continuing on the western right-of-way line of Deerfield bane, North fourteen degrees thirty-seven minutes nine seconds East,one hundred fifteen and twenty- one hundredths feet(N 14`37' 09"E- 115.21'),to a point on the western right-of-way line of Deerfield Lane;thence continuing on the western right-of-way line of Deerfield Lane on a curve concave to the west having a central angle of 74' 13' 16",a radius of 595.00',an arc length of ' 770.76',the chord thereof being North twenty-two degrees Twenty-nine minutes twenty-nine f' �I� ' seconds West,seven hundred seventeen and ninety-nine hundredths feet(N 22'29' 29" W- 717.99'),to a point on the western right-of-way line of Deerfield Lane;thence leaving the western right-of-way line of Deerfield Lane and by Lot No. 3 of"Deerfield",South thirty-six degrees fifty minutes fifty-seven seconds West,one thousand six hundred thirty-nine and sixteen hundredths feet(S 36° 50'57"W- 1,639.16')to a point on line of lands of Shippensburg Mobile listates,Inc.;thence by lands of Shippensburg Mobile Estates, Inc.,North forty-five degrees four minutes five seconds West,nine hundred two and ninety-nine hundredths feet(N 45' 04' 05"W 902.99'),to a point;thence continuing by lands of Shippensburg Mobile Estates,Inc.,South forty-six degrees five minutes two seconds West,one thousand one hundred ninety-five and fitly- five hundredths feet(S 46' 05' 02"W- 1,195.55')to a point;thence continuing by lands of i Shippensburg Mobile Estates, Inc.,South thirty-six degrees forty-one minutes thirteen seconds Cast, four hundred ninety-nine and twenty hundredths feet(S 36'41' 13"E-499.20'),to a point; thence continuing by lands of Shippensburg Mobile Estates,Inc.,South forty-six degrees thirteen minutes fifty-nine seconds East,six hundred ninety-six and twenty-eight hundredths feet(S 46' 13' 59"E- 696.28 ),to a point,being the northeastern corner of lands of Pennsylvania Electric Co.;thence by lands of William S.&Mary T.Craig,North forty-sin degrees thirty-two minutes ' one second West, six hundred ninety-six and seventy-one hundredths feet(N 46' 32' 01"W- 696.71'),to a point;thence by lands of Paul E.&Grace flornbaker,North thirty-six degrees forty-one minutes forty-five seconds West, five hundred and ninety-three hundredths feet(N 36' ' 41` 45"W 500.93 ),to a point;thence by lands of Laverne B. &Norene S. Sensenig,North forty-six degrees five minutes two seconds East,one thousand four hundred thirty-one and ninety-four hundredths feet(N 46'05'02"E- 1,431.94'),to a 1"iron pipe(found);thence continuing by lands of Laverne B.and Norene S. Sensenig,North fifty degrees forty-two minutes twenty-eight seconds West, five hundred forty and twenty-two hundredths feet(N 50'42' 28"W -540 221. to a No.5 rebar(set);thence continuing by lands of Laverne B. and Norene S. Sensenig,North fifteen degrees thirty-four minutes fifty seconds East,one hundred ninety-five and sixteen hundredths feet(N 15' 34' 50"E- 195161),to a I"iron pipe(found);thence continuing by lands of Laverne B.and Norene S. Sensenig,North fifteen degrees fifty-four 1 minutes two seconds East,six hundred thirty-four and eighty-eight hundredths feet(N 15'54' 02.E -634.88 ),to a 1"iron pipe(found);thence by lands of Ray E.and Jean L. Thrush,North eighty-five degrees zero minutes thirty-five seconds East,eight hundred forty-two and ninety- three hundredths feet(N 85'00' 35"E-842.93'),to a I"iron pipe(found);thence by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust.North eighty-five degrees fifty-two minutes twelve seconds East,one thousand seven hundred eighty-six and fifty hundredths feet(N ' 85' 52 1211 E 1,786.50'),to a I"iron pipe(found);thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust,North thirty-nine degrees fifty-three minutes sixteen seconds East,seventy-four and twenty-six hundredths feet(N 39' 53' 16"E-74.26'),to a no. 5 rebar(set);thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust,South forty-seven degrees twenty-eight minutes two seconds East.three hundred twenty-one and ninety-three hundredths feet(S 47' 28' 02"E-321.93"),to a 30"cherry tree; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, North forty-two degrees forty-four minutes twenty-three seconds East, five hundred thirteen and one hundredth feet(N 42'44'23"E 513.01')to a fence post;thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable'Trust,South thirty-five degrees thirty-nine minutes thirty-three seconds East,eighty-five and seventy-six hundredths feet(S 35' 39' 33"E- i 85.761,1,to a railroad spike(found)in the old roadbed of Newville Road;thence in and along Newville Road,South twenty-five degrees twenty-one minutes five seconds East,two hundred twenty-four and nine hundredths feet(S 25'21' 05"E 224.09'),to a point in or near the ' existing centerline of Newville Road;thence in or near the centerline ofNcwville Road, South twenty-nine degrees forty-five minutes ten seconds East,eight hundred fifty-nine and fifty-five hundredths feet(S 29'45' 10"E-859.55'),to a point in the centerline intersection of Newville ' Road and Ritner Highway,the point of Beginning. CONTAINING 127.544 Acres BEING PART OF THE SAME PREMISES which.Robert C. Smith,single,by Indenture dated 08-31-05 and recorded 09-26-05 in the Office of the Recorder of Deeds in and for the ' County of Cumberland in Deed Book 271,Page 605,granted and conveyed unto Trust Investment Group,LLC,a Pennsylvania limited liability company. AND BEING PART OF THE SAME PREMISES which Mickey W.Nye,a.k.a.Mickey ' Wade Nye,a.k.a.W.Mickey Nye,a.k.a. Wade Mickey Nye,J.Harold Kauffman, a.k.a. J. Harold Kaufman,and Frank C.Nye,as Administrators C.T.A.,a.k.a. Co-Executors of the Estate of Frank E. Hollar,Jr.,deceased,by Indenture dated 01-06-06 and recorded 01-17-06 in the Office ' of the Recorder of Deeds in and for the County of Cumberland in Deed Book 272,Page 3962, granted and conveyed unto Trust Investment Group,LLC,a Pennsylvania Limited Liability Corporation. The realty transfer taxes shall be split as follows: Southampton Township 90.0% $56,700.00 Shippensburg Township 10.0% 6.300.00 100% '$63,000.00 F 1 1 t 1 AND the said Grantor covenants that it will warrant SPECIALLY the property hereby conveyed. ' IN WITNESS WHEREOF the undersigned Grantor has executed this Deed the day and r g Y i year first above written. WITNESS: Trust.Investment Group,JL�/LC�,� Brian.McNew.Member `t By Albert L. Kirkner,'Member I hereby certify that the precise residence of the within grantee is: PO Bo\ 1998 408 West James Street Lancaster,PA 17608-1998 ' APPEL& YOST,LLA BY_, ii a , ' ley A 7;uke ' COMMONWEALTH OF PENNSYLVANIA )SS. COUNTY OF LANCASTER 1 On thisay of jQ C, jrcdc ,2007, before me, the undersigned officer, ' personally appeared,Brian McNees and Albert L. Kirkner,who acknowledged themselves to be the members of Trust Investment Group,LLC and that they as such officers,being authorized to do so,executed the foregoing instrument for the purposes therein contained by signing the name of the corporation by themselves as members. IN WITNESS THEREOF,I hereunto set my hand and Wicial sigi. Z�� ze.:;6� ' Nota ry Public ' c0MM0NUVE&TjCW!N �wu► ntotwr ties ft! A.MOM M.MX"Fro ' a li11fa1trt.L�lk�Coury Mp anw�IM�n Dow MPt 41.7al t Wfkrglvanta Auoetutlon o!VOans� ' coMMOt&wEft'fM of PENN5Yt vMHA Notertai seat Pamela R Hoelemer.*tow* ' 0V Ort a CMft,tancasW000* *Onaft i m E*Yw Sept 21.2011 Momb or.Penrisovanla As3ock'on of Noteder ROBERT P. ZIEGLER RECORDER OF DEEDS ' CUMBERLAND COUNTY 1 COURTHOUSE SQUARE - CARLISLE,PA 17413 - ' 717-240-6370 • r� a Instrument Number-200739593 t Recorded On 10/16/2007 At 9:49:35 AM *Total Pages-7 *Instrument Type-DEED Invoice Number-6771 User ID-AF ' *Grantor-TRUST INVESTMENT GROUP LLC *Grantee-DGK PROPERTIES LP *Customer-AARDVARK *FEES STATE TRANSFER TAX $63,000.00 Certification Page STATE WRIT TAX $0.50 STATE JCS/ACCESS TO $10.00 DO NOT DETACH t JUSTICE RECORDING. FEES - $15.50 RECORDER OF DEEDS This page is now part AFFOPJMLE HOUSING $11.50 of this legal document. ' COUNTY ARCHIVES FEE $2.00 ROD ARCHIVES FEE '$3.00 SHIPPENSHURG AREA $31,500.00 SCHOOL DISTRICT SHIPPENS$URG $3,150.00 TOWNSHIP SOUTHAMPTON $28,350.00 ' TOWNSHIP TOTAL PAID $126,042.50 I Certify this to be recorded ' in Cumberland County PA f ca RECORDER OZ -Information denoted by an asterisk may change during the verification process and may not be reflected on this page. 0007GK �I�IIIII��IIII�I�I��I Ii III i -" Prepared By: Barley Snyder 501 Washington Street P.O.Box 942 Reading,PA 19603-0942 (610)376-6651 Return To: Charles B.Haws,Esquire Instrument No. 200739185 DECLARATION OF COVENANTS,CONDITIONS AND RESTRICTIONS FOR DEERFIELD,A PLANNED COMMUNITY Pursuant to the provisions of the Pennsylvania Uniform Planned Community Act, 68 Pa.C.S.§5101 et M.(°`Act") n �I! �f E 04/11/2013 11:47:10 AM CUMBERLAND COUNTY fostA 200822038-Rage 1 of ae S L �E * jr !► v sit listn t��. 3$y=►a! .i !t Ll! tpYp If I f C 1 0}E, 146.1 hit �..rr Its.!!! 1141 1 S� t 10} lit !I! ;p i0f� 1� It +► ( } LZZZZLZL222622ZZ 1 V �} � _h6�E��l�a6Eabeb{6 r'S LL— WIN` 1 X e cif Q Sae. a 1 ► 9 r a �� et # !e '9iI!/nF'� E, �g t� #t# �' all # No �T� i� �!f i�Cet�sr s`la !} y! , �s ►_°' !!t # �F{ !F'F§r 3''pi �jlj� �� gtjj!! lft4p ; !!aU .!�i1I�ON i}l�.!�iEl1rJe�i•#l�i pEl Z�laf! I�I�r�E ,� 1 � �. �!#i�ill ' __� � ,�r tl — . �,+�.-{.i,yam � ,.• l ;;I,�r DA Wei ftl\ -- I•r I ,ll 01%,111 ' 11 1—a! ♦:.may . `fly\1`, 11 {• 11n .\m`, �;. �•�)i~ r-.�'- �, 111111' 1 ry ® •'m m j .._. ('-1!1,�`\ 1 t j'rr� �/ m \ \♦ t Ito�j '�� _ r, , 11 $ ,• \� t � .—``;\\,\yeti•� i•t� ' ors � t � t`'�'• F � �� a � ,, = t�' s 1m /•. —r }� �J �.\ \ti `+,ty ` . r t � r l� / �•' � f y � �� I ® �_-_ `�� _ • t /rte\'\\ + ( � , p /err; f 1 m f, lffl�^-•• ,1 ' �trnt;�/\�tl��>,11 - � \ `� : it '. - , Y -- � 4 'j��✓� % !�!�rri�1/ .``.%�� ,�..../// I I m= om-.-� ! ,�E ?1'� ,i ;i�—' •�'/i(` � % t�4`1�t :\i�il.•-! ,p �tj ` /+i Old I 110(p ` - �J.—\\ ' E PMV.PLAN - DGK PROPERTt .LP �^~---- Emsmo cZ; rrtoNs PL N ,o,tamcstna r "a w. •••-•�r \ �a*�+'�'c- �' ••s •_ ' _-�ww...a.nF..•.wa.,.rcwn.,.n.n..r. a...+m+.a„oee.�.m�+n�,s + IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA DEERFIELD DEVELOPMENT CIVIL DIVISION — LAW COMPANY, LLC, Appellant No. 13-7050 V. REAL ESTATE TAX CUMBERLAND COUNTY BOARD ASSESSMENT APPEAL OF ASSESSMENT APPEALS Appellee Praecipe to Intervene and Entry of Appearance Filed on behalf of SHIPPENSBURG AREA SCHOOL DISTRICT Counsel of Record for this Party: DAVID P. ANDREWS, ESQUIRE Solicitor, Shippensburg Area School District Pa. I.D. # 25439 ANDREWS & BEARD 3366 Lynnwood Drive P.O. Box 1311 Altoona, PA 16603 (814) 943-7796 (814) 943-0519 (Fax) dandrewsCaD-andrewsbeard.com M� IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA DEERFIELD DEVELOPMENT CIVIL DIVISION — LAW COMPANY, LLC, Appellant No. 13-7050 V. REAL ESTATE TAX CUMBERLAND COUNTY BOARD ASSESSMENT APPEAL OF ASSESSMENT APPEALS Appellee PRAECIPE TO INTERVENE AND ENTRY OF APPEARANCE TO THE PROTHONOTARY: The Shippensburg Area School District, Intervenor, hereby intervenes in the above-captioned matter. Please also enter the appearance of the undersigned on behalf of Shippensburg Area School District. ANDREWS & BEARD B Y v David P. Andrews, Esquire P.A. I.D. No. 25439 3366 Lynnwood Drive P.O. Box 1311 Altoona, PA 16603-1311 (814) 943-7796 y IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA DEERFIELD DEVELOPMENT CIVIL DIVISION — LAW COMPANY, LLC, Appellant No. 13-7050 V. REAL ESTATE TAX CUMBERLAND COUNTY BOARD ASSESSMENT APPEAL OF ASSESSMENT APPEALS Appellee CERTIFICATE OF SERVICE I, David P. Andrews, Esquire, hereby certify that the foregoinkPRAECIPE TO INTERVENE AND ENTRY OF APPEARANCE was served this ZD—day of December, 2013, via US First Class Mail, on the following: Cumberland County Board of Assessment Appeals: Cumberland County Assessment Office: Board of Assessment Appeals Cumberland County Assessment Office Cumberland County Courthouse Cumberland County Courthouse One Courthouse Square, Room 107 One Courthouse Square, Room 107 Carlisle, PA 17013 Carlisle, PA 17013 Shippensburg Township: Southampton Township: Shippensburg Township Southampton Township P.O. Box 219 200 Airport Road Shippensburg, PA 17257 Shippensburg, PA 17257 Deerfield Development Company, LLC: John J. Murphy, III, Esquire Patrono & Associates, LLC 28 West Middle Street Gettysburg, PA 17325 AND WS &&BEARD 71F avid P. Andrews, Esquire P.A. I.D. No. 25439 3366 Lynnwood Drive P.O. Box 1311 Altoona, PA 16603-1311 DEERFIELD DEVELOPMENT COMPANY, LLC, Appellant v. CUMBERLAND COUNTY BOARD OF ASSESSMENT APPEALS, Appellee IN THE COURT OF COMMON PLEAS OF THE NINTH JUDICIAL DISTRICT 2013-7050 CIVIL TERM ASSESSMENT APPEAL IN RE: NOTICE OF APPEAL ORDER OF COURT AND NOW, this 10th day of March 2014, upon consideration of the Notice of Appeal, a de novo HEARING is scheduled for 13 August 2014 at 9:30 a.m. in Courtroom Number Six of the Cumberland County Courthouse, Carlisle, Pennsylvania. PETITIONER shall serve the Notice of Appeal and this Order of Court upon all interested parties. Distribution: iZ-Joh J. Murphy III, Esq. John G. French, Esq.; Solicitor Bonnie Mahoney, Chief Assessor C1.ES trIglig4L 7//py BY THE COURT, Thomas A. lacey C.P.J. CZ:1 oe